Bitcoin’s resilient bullish rally over the past two weeks lifted the prices of almost all altcoins, owing to the domino effect that the king coin had on the collective market. However, XRP failed to post any consistent improvement in valuation, settling for meager single-digit rises over the past week. On May 14, the tables turned as XRP was pumping by over 20%, while registering a significant market cap of $16.32 billion, at press time.
Though many factors contributed to the sudden surge, the crypto-community attributed the hike to a major development announced by Coinbase, one of the leading crypto-exchanges in the United States. After three months of its launch, XRP was finally made available to trade for New York users on May 13. This meant that investors could now buy, sell, convert, send, receive, or store XRP without any hindrance or restriction.
Coinbase made the announcement via Twitter,
Though XRP was launched on Coinbase in February 2019, users from the state of New York were restricted from trading the cryptocurrency due to issues over destination tags which were necessary to make XRP transfers. Along with New York users, Coinbase users from the United Kingdom have also been restricted from trading the cryptocurrency.
Apart from the development from Coinbase, another reason which was attributed to XRP’s double-digit rally was the cryptocurrency being listed as an exchange-traded note on a German stock exchange, Börse Stuttgart.
The XRP community was thrilled by the news, with Reddit and Twitter buzzing with activity following the announcement. A Twitter user, @Naturallypaid_, said,
“I LIVE IN NYC , YOU KNOW HOW LONG I WAITED FOR THIS TO HAPPEN …. BOOOOOOOOOOMMMM. READY TO STACK MY BAGS MORE NOW !!!!”
A Reddit user, ripplemesilly, said,
“We have a bitcoin rally that pulled a few coins up including xrp, and then now they announce this… Feels like it was intended at this particular time.”
Some Reddit users started speculating the launch of XRP access in the UK. LondonLexus said,
“When UK? It’s A right royal pain in the a*se that we still have to buy other coins and then transfer to another exchange and then convert to XRP. Muckers!”
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Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption
The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].
The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,
“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”
The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.
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