The cryptocurrency exchange giant Binance is again in the crypto news today, this time for the open trading of two pairs using Ripple (XRP) as the quote currency, according to a new blog post published by the exchange today.
The TRX/XRP (Tron) and XZC.XRP (Zcoin) pairs are the new ways for Binance users to trade XRP as the base currency. As part of the update, developers will rename the current Ethereum (ETH) markets to “ALTS” with the CEO Changpeng Zhao (CZ) explaining that a lack of user interface space necessitated this move.
As he announced on Twitter:
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
Merry Xmas!— CZ Binance (@cz_binance) December 24, 2018
With this, Binance continues to expand its token offering in the last quarter of this year – confirming the claims by some portfolio managers that it is among the most trusted exchanges out there.
The future of the token pair listing policy, according to Zhao, is bright. He thinks that assets whose developers had contributed to Binance’s Blockchain Charity Foundation would receive more favorable consideration.
As he said:
“We will prioritize adding more pairs for the projects that have donated to our charity at this (even thought (sic) we never mentioned this during our fund raising (sic) efforts).”
Ripple (XRP) surged almost 20% after the news emerged, taking XRP/USD to a new high of $0.44 at press time which is also a one-month high for the altcoin. Binance continues to expand its daily trade volume as well, seeing more than $1.2 billion traded over the last 24 hours.
Ripple Price Action Is Positive After Yesterday’s Correction
- Hourly MACD – The MACD for XRP/USD is very slow when moving into the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level, with a positive sentiment now.
- Major Support Levels – $0.2350, $0.2250 and $0.2220.
- Major Resistance Levels – $0.2450, $0.2500 and $0.2540.
Ripple XRP Price Is Primed To Rise Despite Selloff Today
- Hourly MACD – The MACD for XRP/USD is right now showing a lot of bearish signs.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level at this moment, forming a bearish angle.
- Major Support Levels – $0.2240, $0.2200 and $0.2050.
- Major Resistance Levels – $0.2300, $0.2365 and $0.2450.
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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