Any listing of coin on prominent exchanges does give an upward push to prices of that coin. But considering the wider reach of Cobinhood exchange and the popularity of XRP, a lot of analyst on the street believe this listing could be much more than just an upward push to the prices of XRP and but altogether could trigger a bullish trend.
XRP’s wider reach could probably push it to second place ahead of Ethereum
Ripple’s XRP is the third largest cryptocurrency by market capitalization behind bitcoin and Ethereum, though not mined like other digital currencies because it is owned by one company. It has triggered a lot of interests, in the crypto market, and obviously heading to take over Ethereum and even challenge Bitcoin’s top position.
The current listing is on the Cobinhood exchange, a crypto service platform known to charge zero fees on transactions. Following this listing, investors can deposit, trade and withdraw XRP on this exchange platform. This is yet another aggressive move to increase XRP token utility level.
Not just Cobinhood listing, fundamentally too XRP has been proving itself much faster and cheaper than Ethereum and Bitcoin. This was reaffirmed by Ripple CEO, Brad Garlinghouse who said, in a recent interview, that XRP is a thousand times cheaper and faster than bitcoin transactions. To quote him
”We use a digital asset called XRP as part of that flow and we use XRP because it’s a thousand times faster than bitcoin transactions and a thousand times cheaper than a bitcoin transaction. We think that the utility of XRP is such that it’s the most efficient digital asset to solve this problem on cross-border payments. So, Ripple, the company is really building on top of this open-sourced eco-system that I call the XRP eco-system, and Ripple’s building vertically on top of that – as a payments company.”
Ripple portrays an image of an aggressive, target driven set up. Its focus is on pushing their token as far high as it can reach, by improving the utility derived from its uses. This, they have demonstrated by creating a liquidity tool called X rapid, among others.
According to Ripple CEO, this tool enables financial institutions to save up to 70% compared to other existing tools in managing and spreading liquidity. Its expected acceptance is high because it has been introduced to major banks.
Considering the recent happening in XRP, its incorporation by banks on RippleNet and introduction of blockchain based products like xCurrent, xPring and xRapid, and current listing on Cobinhood. It is justified to say the bulls are unleashed.
XRP will surely gain on the back of the Cobinhood listing and its fundamental achievements. One has to just wait and watch when does that happen
Do you think XRP can overtake Ethereum and challenge bitcoins supermacy? DO let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.