During these annoying market trends, owners seek ways to relieve stress. Some of them flock XRP as a new standard for coverage during volatile periods. Binance CEO Changpeng Zhao does not agree with this approach. In fact, he is getting tired of all the "shillings" associated with Ripple's native currency.
Is XRP the new standard?
All cryptocurrency markets have once again gone through a difficult phase. Bitcoin is down more than 15%, which defines the tone for all altcoins. A notable exception in this department is the XRP price. The value of Ripple's native assets has shown remarkable stability during this bear market. It has also lost value, albeit in a far less spectacular way than the rest.
This creates a lot of enthusiasm on social media. Some even get to call XRP as a new standard. What is the standard that exactly entails, it is difficult to predict. It provides some stability, but still remains prone to volatility like any other resource. In fact, the value of this resource has fallen by more than 10% in an hour before today. This shows that it is not necessarily the search for stable hedges.
The managing director of Binance, Changpeng Zhao, is not too happy with this XRP buzz. It gets tired of all the "shilling" associated with this currency. Ripple fans hope to see it become a base currency of the Binance bag. So far, the company has not confirmed any plan to do exactly that. Their services are working as expected. There is no reason to change a winning tactic.
Zhao goes to the offensive
In a recent Tweet, Zhao directly addressed the "shills" of XRP. He wanted to see how many people were willing to stake their reputation for this good. The answers are quite conflicting, as one would expect. Many memes have been shared, which is often associated with Dogecoin. Even so, there is no denying that there is any merit in exploring the XRP trading options.
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
Binance still remains the largest exchange of cryptocurrencies to date. Other companies are trying to recover through different efforts. Some small bags also use XRP as a base trading currency. Although this is an innovative approach, it is not something that the bigger companies are still interested in. This situation could change in the next months and years.
Regardless of how people feel about this good, it's making things happen. Ripple designed its ecosystem primarily for the financial sector. The main objective is liquidity and regulation in real time. For trades and other trading suppliers, 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