Coinbase, the exchange of cryptocurrencies based in the United States with some of the largest daily trading volumes on the market, has announced the listing of XRP on their custody platform.
This announcement was well anticipated, as in August Coinbase officially announced that they were exploring the addition of new assets to their custody service, one of which was XRP.
As published on them blog, Sam McIngvale, Product Lead at Coinbase Custody said:
Coinbase Custody is exploring the addition of many existing and future cryptographic resources only for storage and will work to add them as quickly and securely as possible. At the moment, we have not yet considered these assets for trading. We are making this announcement internally to Coinbase and to the public at the same time to remain transparent with our customers on support for future resources.
The purpose of Coinbase Custody is to provide a secure and protected digital storage solution for individuals and institutions with a high net worth. Just because a digital asset is supported by Coinbase Custody does not mean it is available for trading on Coinbase Pro is Coinbase.
At the time of writing, the digital resources supported by Coinbase Custody include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), 0x (ZRX), Basic Attention Token (BAT) ), OmiseGo (OMG) and XRP.
Hype XRP warms up
There was a lot of excitement about XRP in the past week, particularly in the last few days like the the cryptocurrency market has been a success.
While most major coins have declined significantly, XRP is holding up in comparison. So much so that XRP surpassed Ethereum (ETH), and has since maintained its second position in terms of market capitalization.
Since XRP is doing well, their "cult" community has brought their new excitement to social media, generating a great deal of hype.
As eToro's Mati Greenspan says:
The XRP is basically winning social media. https://t.co/AprYyDuZ81
– Mati Greenspan (@MatiGreenspan) November 18, 2018
Changpeng Zhao (CZ), the CEO of the world's largest cryptocurrency exchange, Binance, also recognized the hype surrounding the XRP community in a tweet, stating:
The basic shr xrp is strong. Take it from your system and put all your shillings under this tweet, and see how much we get. https://t.co/usiISCtuSj
– CZ Binance (@cz_binance) November 18, 2018
Despite Zhao's tweet, the XRP shilling did not stop here. The excitement surrounding XRP is so strong now that many XRP supporters demand a "flippening" of BTC (that is, the market capitalization of XRP that exceeds BTC).
Screenshot this, retweet this, like this. Do what you want with this. Here we are…
Before EOY, XRP will be the number 1 for market capitalization. No enigma, straight message. Big things are just around the corner …#xrp #XRPthebase #XRPcommunity #Ripple #ripplenet #xrpthestandard pic.twitter.com/qXd1ba2Npz
– The Ripple Shadow (@therippleshadow) November 17, 2018
An influentially influential cryptocurrency with nearly 90k followers shares the sentiment:
Our new cryptographic standard will be very obvious.
Difficult to accept for many but so was the bitcoin in 2010
– 💮 01 (@Crypto_Bitlord) November 18, 2018
These tweets and many others show how excited and excited the XRP community is about the future of cryptocurrency and how it could overcome Bitcoin (BTC).
However, Not Everyone is bullish on XRP
While there are many bullish people on XRP that exceed Bitcoin, the opposite is also true. A number of eminent cryptographers and influencers have advertised the bullish excitement of XRP as a joke.
For example, Moon Overlord, a cryptocurrency trader and influencer with over 35k followers, said this:
– Moon Overlord (@MoonOverlord) November 18, 2018
Another popular cryptographic influencer, with over 110,000 followers, tweeted:
$ XRP it will never replace $ BTC because it does not offer the same value proposition. It is good for what it is (cheaper and faster SWIFT) and congratulations to all those who have made money, but they are not decentralized money without permission without owners.
– ฿ TF% $ D! (@CryptoHustle) November 18, 2018
As seen by the tweets for and against XRP that exceed BTC, there is a big division with strong opinions on the subject. Regardless of what people think or say, only time will tell what will happen as there are valid arguments on both sides.
Do you think XRP will exceed BTC in the near future? Let us know in the comments section below.