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.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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