XRP acts as the safe haven for trader profits: Parking TRX gains in the Ripple’s token on Binance
The volume of the TRX/XRP pair on Binance is off the charts, registering record highs which indicates that the profits TRX traders took on Tron’s latest run are spilling over to XRP.
According to NewsBTC, the recent release of the BitTorrent Token whitepaper appears to have driven momentum over the past 48 hours for TRX. During Asian trading today TRX has posted another 15% gain as it climbed from $0.0266 (645 sats) to an intraday high of $0.030 (801 sats). Daily volume has almost doubled to over $682 million with Upbit and Binance taking around 27% of that.
Since the same time last Wednesday TX has made an impressive 49% as volume has surged over 540%. Over the past three weeks TRX has over doubled in price as it climbed from its 2018 low of $0.0126 (395 sats) in mid-December. It has consistently outperformed many of the other crypto assets and is currently the top performing token in the top 15 at the time of writing.
It appears though, that some of those nice profits are being parked in the XRP wallets which signals increased trust traders have in XRP as the safe haven of crypto markets.
Binace Lists XRP as a Base-Pair
InvestinBlockchain explains the importance of XRP as the quote pair on exchanges.
Binance, the world’s largest cryptocurrency exchange by daily trading volume previously offered trading pairs with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and a variety of stablecoins.
With already 4 tiers of trading pairs, to avoid confusion in the user interface, Binance has changed the “ETH markets” to “ALT markets” which now includes both ETH and XRP base trading pairs.
To start, the exchange has listed two XRP trading pairs including TRX/XRP and XZC/XRP. Traders can expect more trading pairs to follow but will have to remain satisfied with TRON and Zcoin for now.
Solidifying XRP as the Standard?
There’s no doubt that Binance’s listing of XRP as a base-pair solidifies XRP as a viable cryptocurrency. For the longest time, ETH was the only alternative crypto asset for trading in the altcoin markets on Binance and now XRP will eat up part of that market.
