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XRP token to be added to Independent Reserve exchange

Anirudh VK



XRP token to be added to Independent Reserve exchange
Source: Unsplash

Independent Reserve, an Australian digital currency exchange, has announced that they will launch trading for the XRP token on July 7th. They also announced that they will be discounting XRP trades to a rate of 0.1% for the first two weeks.

Independent Reserve is ranked as the #374 exchange for Bitcoin [BTC] and allows for trading multiple fiat currencies. It currently offers trading pairs with AUD, USD, and NZD, with cryptocurrencies offered at the time of writing being Bitcoin, Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH].

They utilize a proprietary platform known as Airmarshal to provide secure and robust online trading. They also utilize an API for third parties known as Airbridge. The exchange is registered and is an industry member of Australian Digital Commerce Association.

The CEO of Independent Reserve, Adrian Przelozny, said:

“The addition of XRP is in line with our strategy of adding high-quality digital currencies in a thoughtful and measured way. To be listed on Independent Reserve they [cryptocurrencies] need to meet a range of criteria including quality, stability and volume metrics. Our clientele have been requesting XRP and we felt this timing was right to offer it to them.”

The trading will commence on 7th July from 7 PM [Australian time]. This will allow users to buy XRP with AUD, NZD, and USD. The official release also stated that other digital assets will be tradeable with XRP.

The price of XRP has recovered from the bear market seen in June, recovering from a low of $0.43 to $0.47 on the market-wide spike seen on the 29th. After a sideways movement from 30th of June to 2nd of July around the $0.45 mark, the coin saw another spike to $0.48. This was followed by a rally to $0.51, after which the price corrected to $0.49.

The coin is currently trading at $0.48, with a 24-hour volume of $336 million, and a market cap of $19 billion.

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.