During these troublesome market trends, holders are looking for ways to alleviate the stress. Some of them flock to XRP as a new standard for hedging during volatile periods. Binance CEO Changpeng Zhao doesn’t agree with such an approach. In fact, he is getting tired of all the “shilling” associated with Ripple’s native currency.
Is XRP the New Standard?
All cryptocurrency markets have gone through a rough patch yet again. Bitcoin is down by over 15%, which sets the tone for all altcoins. One notable exception in this department is the XRP price. The value of Ripple’s native asset has shown remarkable stability during this bearish market. It too lost value, although in far less spectacular fashion compared to the rest.
This creates a lot of buzz on social media. Some even go as far as calling XRP the new standard. What standard that entails to exactly, is difficult to predict. It provides some stability, yet still remains prone to volatility like any other asset. In fact, the value of this asset dropped by over 10% in one hour earlier today. That shows it is not necessarily the stable hedge traders may be looking for.
Binance CEO Changpeng Zhao is not too happy with this XRP buzz either. He gets tired of all the “shilling” associated with this currency. Fans of Ripple’s asset hope to see it become a base currency of the Binance exchange. So far, the company has not confirmed any plans to do exactly that. Their services are performing as expected. There is no reason to change a winning tactic.
Zhao Goes on the Offensive
In a recent Tweet, Zhao addressed the XRP “shills” directly. He wanted to see how many people were willing to put their reputation on the line for this asset. The responses are rather mixed, as one would expect. A lot of memes were shared, which is something one often associates with Dogecoin. Even so, one cannot deny there is some merit in exploring XRP-related trading options.
The xrp base shill is strong. Let's get it out of your system, and put all your shills under this one tweet, and let's see how much we get. https://t.co/usiISCtuSj
— CZ Binance (@cz_binance) November 18, 2018
Binance still remains the biggest cryptocurrency exchange to date. Other companies are trying to catch up through different efforts. Some smaller exchanges even use XRP as a base trading currency. While that is an innovative approach, it is not something bigger companies are interested in as of yet. That situation may come to change in the coming months and years.
Regardless of how people feel about this asset, it is making things happen. Ripple designed its ecosystem primarily for the financial sector. The main focus lies on liquidity and real-time settlement. For exchanges and other trading providers, XRP can be a valuable ally in the future. Streamlining efficiency is always an option worth pursuing for exchanges.
Do you think Binance will ever add XRP as a base currency on its platform? Let us know in the comments below.
Images courtesy of Shutterstock, Twitter/@cz_binance