Are Coinbase and Gemini Attempting to Slow XRP Growth?
XRP, the cryptocurrency of Ripple, with CEO Brad Garlinghouse, has been facing resistance from two US exchanges, Coinbase and Gemini regarding listing challenges. The goal of the XRP team to see that XRP becomes the most used cryptocurrency in the world. Through hard work, they have already achieved great results and most believe that it should rightfully be listed on both Coinbase and Gemini.
Coinbase presently trades on Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Ripple Lab, the owner of Ripple (XRP), promised to give them a loan of $100 million that could be paid back either in XRP or USD but was rejected. This move is hard to understand considering other cryptocurrencies pay to be listed, as reported by Autonomous Research, on stock exchanges like NYSE and NASDAQ. In these situations, a listing fee is paid so it can not be regarded as a bribe.
Gemini exchange founded by the Winklevoss brothers, Tyler and Cameron, only trades on BTC and ETH. In March, they talked of adding LTC and BCH to their exchange by the end of third quarter of 2018. The XRP rejected could only be seen as a calculated attempt to stop XRP growth, considering that it is ahead of both BCH and LTC. The following facts confirm that XRP is indeed a force for reckoning:
1) More than 350 times growth in 2017
2) Improved scalability and cheap transaction fees
3) Sales power of team
More than 350 times growth in 2017
Among BTC, ETH, LTC, and BCH, XRP has the highest performance in 2017 where its growth is more than 35000%. Going by this, XRP attained a maximum value of $3.84 on Jan 4th, 2018, and it will only take just at most two years for it to be the number one cryptocurrency in terms of market capitalization since BTC only increased by 13 times last year.
Improved scalability and cheap transaction fees
XRP could not be compared to the other coins in terms of scalability. It is not mined unlike the other four and has the capacity to fulfill transactions instantly through Xrapid. So, if it’s not controlled, most of the user base of this exchanges will use it for payments since it is also the cheapest among the others in terms of transaction cost. Hence, the exchanges will not be able to realize more gain traded on the other four.
Sales power of its team
In the midst of market dip in the first quarter of 2018, the sales record of XRP has 83% improvement when compared to same time last year. This sales luck of XRP team has the tenacity to reduce the performance of the other four.
Time will tell if this is not a calculated measure to control XRP growth.
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