Ripple has today bounced back again to position 2 in the cryptocurrency markets although it did not maintain for long. This is the second time this week the XRP crypto coin is attempting to regain its glory after Ethereum overtook it during the 2017 market rally.
According to CoinMarketCap, the XRP cryptocurrency is a top gainer with an overwhelming 22% in the last 24 hours as the rest of the market struggles with single digit improvements. Ripple is likely to be favored by the bullish Q4 effect experienced in the crypto markets for the past 3 years.
The last time XRP had surpassed Ethereum’s market cap was merely a week ago but slid back to its position. Crypto analysts attributed this to a market correction but will their sentiments really hold given the bullish XRP outlook at the moment?
This Ripple Labs blockchain project has gained a huge following in social media platforms hence its features being integrated on a global level. Financial Institutions especially banks are looking to leverage XRP in global transfers.
One of the major factors that appear to be pushing the XRP price today is its soon to be launched xRapid tech. This blockchain built payment platform is a milestone the Fin Tech community especially those in blockchain & crypto have been eagerly waiting for. xRapid will go live in the beginning of Q4 and is meant to solve challenges in cross-border transfer of funds. In addition, a U.S based bank announced it will integrate RippleNet for its global payments systems thus an increased awareness of the XRP crypto coin.
CoinField Exchange Prospects on Listing XRP as a Base Cryptocurrency
The XRP cryptocurrency has been adopted far and wide with the Asian markets capitalizing the most. Yesterday, Remitano, an International crypto platform for buying & selling BTC and ETH sent an email to its users indicating they will add an XRP buy/sale option within the network.
A top Canadian coin exchange has also expressed intentions in adding the XRP token as a base digital asset within its network. CoinField crypto exchange will improve Ripple’s prospects by linking the altcoin with over 30 digital currencies directly. This move will see Ripple establish more presence in the potential Canadian cryptocurrency market. According to a tweet by CoinField, XRP will be a global digital coin if integrated
“We’ve been evaluating the possibility of adding #XRP as the base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. Part of our expansion plan in 69 countries,”
These prospects have consistently improved the XRP project reputation; we could say that the market is finally pricing the project as per its fundamental value!
CoinField aims to serve the cryptocurrency needs of old and new market entrants looking to trade crypto coins in Canada. Therefore, listing the XRP token as a base digital asset will probably improve the efficiency of this coin exchange. This is because the network can leverage Ripple’s fast & cost-effective nature. In addition, CoinField stands to increase the volumes traded on its network given Ripple’s large client base as of press date.
The news was warmly received by the XRP community with enthusiasts taking to social media platforms like twitter support for the move. Sentiments shared were mostly praising the potential of XRP’s blockchain to transform current financial ecosystems.
Canada’s CoinField is yet to make this decision but Ripple seems to be already enjoying a positive reaction judging from its price action in the last day. Its price increased by over 23% to exchange at $0.5351 making it one of the few crypto coins to achieve 2018 speculated prices.