It is always interesting to see new currencies being added by popular trading platforms. BTC Markets is a global, decentralized marketplace to trade blockchain assets. As such, it makes a lot of sense for them to add new coins, tokens, and currencies to the platform every so often. It appears the integration of XRP will be coming in the next few weeks. This is a major boon for Ripple community members, to say the least.
BTC Markets Will Integrate XRP Shortly
Having more platforms focus on Ripple and the XRP asset is never a bad thing. It goes to show there is a growing demand for the XRP asset on a global basis. Moreover, the addition of XRP support to BTC Markets is good for Ripple as well. The success of the company and its native token are entwined. One cannot succeed without the other.It remains to be seen what kind of an impact BTC Markets can make in this regard, though.
Yes we are looking to add @Ripple in the next week or so. Stay tuned for the official listing.
— BTC Markets (@BTCMarkets) June 11, 2017
The bigger question most people ask themselves is whether or not this will be beneficial for the XRP price. Over the past few weeks, several platforms and companies have enabled support for Ripple’s native token. Unfortunately, this has done no good to the price whatsoever. In fact, one could argue the XRP price has been dropping steadily ever since more platforms added support for the token. Do keep in mind this is the value against Bitcoin, and not its fiat currency value, which seems to hover around 28-29 cents.
That being said, it is not a bad thing to have more platforms pay attention to XRP. It helps spread the circulating supply across many different exchanges and trading platforms. Considering how Ripple wants to decentralize its technology, the same needs to be achieved for its native token. Right now, the majority of trading is occurring on Poloniex, Coinone, and Bithumb. The fourth exchange on the list generates 20% of the volume compared to any of the top three.
In the end, BTC Markets will bring some more positive attention to Ripple and XRP. The native blockchain asset was never designed for speculation, but more as a way to create some price stability. That is bad news for daytraders and people looking for a quick flip, but it is the way things are going right now. Ripple and XRP will have their moment in the spotlight sooner or later, but it is not something to speculate on from a short-term perspective.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.