Wednesday, May 22, 2024

Bitrue keeps supporting XRP, recognizes potential where the market sees red.

Crypto is a fast-moving world, and today’s sub-industry of exchanges differs from what it was back in 2018. One thing that remains the same, though, is that the majority are keeping to certain trends, e.g., favoring certain coins.

 

That said, some believe that XRP –  the native cryptocurrency developed by Ripple Labs 

for powering payment settlement, asset exchange, and remittance systems in its products – never really got the attention it deserved, despite its spot on the Top-10 list and the demand from the hundred-thousand community of XRP holders. According to CoinCarp Data, there were more than 226,458 Ripple holders as of 12 August, up from 223,553 on 14 July.

Filling the market gap

Bitrue was one of the few who put a bet on the coin from start. Upon launch, the exchange elevated XRP to one of its four base currencies, allowing users to swap dozens of altcoins directly with the coin. On top of that, Bitrue offered a staking product, where XRP was part of the first batch of coins that could be invested, and chose it as the first coin to power the exchange’s loan, yield farming, and futures services.

 

From the XRP ecosystem side, Bitrue was the first exchange to launch support for PayString, an innovative solution for turning XRP addresses from long strings of unmemorable characters into a simplified email-like format. It also offers support for XRP Ledger native tokens and continues to work closely with projects like CasinoCoin, which develop on the XRPL.

 

‘Ever since the birth of Bitrue in 2018, XRP has been one of the core pillars supporting the exchange’s growth. It helped us rise as the most trusted exchange for millions of traders worldwide. Our communities are closely intertwined, so we will keep providing XRP trading, investments, and more,’ commented Adam O’Neill, Bitrue’s CMO.

Recognizing the potential when the market sees red 

At the tail end of 2020, the Securities and Exchange Commission dropped a bombshell lawsuit on Ripple. As alleged by the commission, the curator company had engaged in the unlawful sale of securities in the form of XRP. Upon that, many exchanges were quick to delist the asset, triggering a plummet in price, but Bitrue remained resolute in its support. Why so?

‘With the case of Ripple vs. the SEC looking to come to a close in early 2023, and with expert analysis increasingly favoring the side of Ripple, it’s looking like the XRP community is due for a rapid surge in popularity. Even recently, with the release of the new statements regarding this case, we see XRP price bumps of up to 20% even when the rest of the market is seeing red,’ Adam added. 

 

Well, if that is true, exchanges like Bitrue, who have been backing the asset, will likely see the rewards when this asset becomes the only coin in the world to have regulatory clarity in the world’s largest financial market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular