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Domino Effect: XRP Listed as Base Pair on Australian Cryptocurrency Exchange

  • Alex Morris
    📰 News

    BTCEXA, the Australian cryptocurrency exchange, is joining the XRP party started by Binance by rolling out two XRP-based trading pairs


Domino Effect: XRP Listed as Base Pair on Australian Cryptocurrency Exchange
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BTCEXA, one of the leading Australian cryptocurrency exchanges, has recently made an announcement about making XRP its base currency. Earlier today, Binance made waves with a similar decision, potentially causing a knock-on effect.

Well done, Binance!   

Today, Changpeng Zhao’s Christmas gift easily became the biggest news of the day – the Binance exchange finally translated the wishes of XRP fans into reality, adding the fifth base trading pair to the exchange. The community was praising Binance for engaging with its customers while simultaneously taking shots at Coinbase for continuing to ignore the second biggest currency.  

The XRP community has even come up with the #XRPthebase hashtag in celebration of the much-anticipated Binance listing.


BTCEXA follows suit

Now, it seems very likely that the virus is spreading across other exchanges given the recent BTCEXA tweet. For now, the exchange will feature three XRP-based trading pairs: XLM/XRP, ADA/XRP, and USDT/XRP. Meanwhile, Binance’s trading pairs include TRX/XRP and XZC/XRP.  

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XRP is on a roll  

Of course, the hype surrounding the announcement is hardly comparable to that of Binance, but every listing is nonetheless crucial for XRP. As U.Today reported earlier, it gives much more exposure to XRP, subsequently pumping its price. Currently, the XRP price is at $0.44 after having increased by almost 19 percent over the last 24 hours.

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It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst


It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst
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The fact that Bitcoin saw its price breaking above $5,000 at the beginning of April made everyone highly optimistic about the prospects of a full-fledged bull run. However, crypto bulls shouldn’t hold their breath since it could take decades for the number one currency to recover from its epic downfall.

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Bitcoin compared to other bubbles  

After comparing Bitcoin to other bubbles, UBS analyst Kevin Dennean came to a conclusion that BTC will most likely follow their lead, Business Insider reports.
However, here’s a catch – Bitcoin will have to undergo a long-lasting recovery, so it is not reasonable to expect another bull run in the nearest future. For comparison, it took the Dow Jones Industrials 22 years to reach its previous peak.   


‘We're struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,’ Dennean claims.

Bitcoin compared to other bubbles  

Picture: ©FactSet

With that being said, it is still not guaranteed that a certain bubble retests its ATH even after decades since a big burst. Nikkei, despite reaching its 20-year highs in October 2017, was still 50 percent lower than its ATH that was recorded in 1989.

Nikkei

Picture: ©ATLAS

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When you lose, you win

During the peak of the crypto market, Bitcoin was frequently compared to the infamous tulip mania, but these two barely had anything in common (except for the horrible stability of value). Hence, it hardly makes sense to apply a certain pattern and expect Bitcoin to behave in a similar fashion to other bubbles.

Historically, enormous price crashes actually benefited Bitcoin. As reported by U.Today, Bitcoin trader recently noticed that the BTC price rise 5.1-16.89 times every 70+ percent plunge. Crypto bulls have every reason to expect a similar outcome this time around.

'Shadow of bull statue on texture tiles floor metaphor of bull market is coming for stock market or investment asset' image by 123rf.

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