Ripple Set To DeCouple From Bitcoin
The first stages of Ripple (XRP) decoupling from Bitcoin are in motion, and this looks set to be great news for the altcoin.
Currently, a huge percentage of Ripple trading is done using Bitcoin, and it’s widely believed that this fact has harmed the value of Ripple in 2018.
However, it appears it will soon be possible to buy Ripple using fiat or other cryptocurrencies, meaning that its value will be far less affected by the fortunes (or misfortunes in recent times) of Bitcoin.
Below, we explain what is happening and why this might be a good reason to invest in Ripple.
What’s happening to Ripple and Bitcoin?
The most obvious indicator of a XRP/BTC de-coupling is the formation of the SBI virtual currency trading platform. This upcoming exchange has listed XRP as the only cryptocurrency on its website. If it’s the only cryptocurrency listed, that will give it huge value outside of Bitcoin.
Bittrex, one of the world’s largest cryptocurrency exchanges, has also revealed plans to introduce additional fiat/crypto trading in the future, first for select members, then for everyone. Binance has also revealed plans to pair Ripple with Binance Coin and the true U.S dollar.
Why is this good news for Ripple?
It’s been a great year for Ripple. The company has agreed to partnerships with more than 100 banks, and there are many more on the horizon. Including most recently going live to carry out international transactions with Xrapid in partnership with Cuallix, Mercury FX, and the cooperative financial firm Catalyst Corporate Federal Credit Union.
It’s one of the most adopted cryptocurrencies on the market, and it’s widely believed that its value does not match its popularity.
The company’s CEO Brad Garlinghouse recently hinted that its correlation with Bitcoin could be a determining factor.
In an interview with CNBC, he said: “There’s a very high correlation between the price of XRP and the price of Bitcoin, but ultimately these are independent open-sourced technologies.”
It’s easy to argue that Ripple has more powerful technology than Bitcoin: Its blockchain can cope with up to 1,500 transactions per second, compared to Bitcoin’s 10 per second. Ripple transactions are more energy-efficient too, so it’s easy to believe that many people at the company are excited about the prospect of decoupling.
At its current price, there might be plenty of reasons for cryptocurrency investors to be excited too.
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