XRP is now being available for trading for New York residents using Coinbase. In February, Coinbase announced that it was listing the cryptocurrency but then, users in the New York City were unable to trade the digital asset.
Even though it hasn’t revealed anything about Japan and Asia’s jurisdiction yet, on the other hand, U.S, U.K, Canada, Supported EU countries, Australia and Singapore are all now included in the accepted list of countries with the initial support of three trading pairs; i.e XRP/USD, XRP/EUR and XRP/BTC.
Following the relief to New York-based XRP traders/users, XRP’s value looks a lot more fresh today. XRP experienced the price bump for more than 21% to $0.38 at the time of writing.
The good news for XRP also came yesterday as the Börse Stuttgart, the second biggest stock exchange in Germany, has approved the listing of XRP and Litecoin exchange-traded notes (ETNs).
The truth is, XRP holders have waited a long time for the price of the Ripple token to move. XRP was one of the worst performers compared to Bitcoin this year, but now has made a huge move. Some analysts think that it took so long for XRP to make a jump was just the fact that they still needed time to shake off the effects of crypto-winter.
Another possibility could be an eager competition. There are already multiple coins that potentially threaten XRP’s use case, and with the recent announcement of JPM Coin, some investors may be wondering if there aren’t other solutions that may be better. Stellar Lumens (XLM) is another example of a coin that is giving XRP a run for its money, and XLM has been performing rather well in last few months.
However, Ripple was doing something to empower its position almost every day. They have been partnering with many companies in an attempt to bring XRP and the xRapid protocol to financial institutions all around the world, and it seems now that’s paying off. Almost every week a new bank or association is implementing XRP for cross border payments, including, for example: Carnegie Mellon, Western Union, and the Bank of Dohfar.
Also let’s not forget International Monetary Fund (IMF) director Christine Lagarde who publicly went on praising Ripple. Speaking at the Paris Fintech Festival, Lagarde said:
“You’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs. You’re going to expedite your transactions, and you’re going to inspire confidence because you will build out on the basis of an existing backbone, which is your bank and the confidence, relationship you’ve established with your customers… That is where I see changes happening now. If you think of Circle, and Ripple and all those, that’s where they are active and helpful.”
Furthermore, Ripple co-founder Chris Larsen was selected by the IMF to join an IMF panel that focuses on fintech innovation and the different ways blockchain technology can streamline procedures in the financial landscape.
Yet another groundbreaking development is that in April 2019, the EU Commission announced the launch of the Internation Association of Trusted Blockchain Applications (INATBA), an association of which Ripple is one of the founding members.
Just for a reminder, last week Ripple has also released the xCurrent 4.0 protocol. With it, Ripple’s more than 200 customers will be able to easily integrate the xRapid payment system that leverages the XRP digital asset.
Analyst Yaz Sheikh thinks that this may be the last chance to purchase Ripple on such cheap prices. If XRP/BTC can hold at this support and start to reverse, and Bitcoin continues to increase in price, this may be one of the last moments for investors to be able to purchase XRP in the low $0.30s range. Once XRP/USD breaks above the 100-day moving average and clears the $0.35 level, it likely won’t return to these prices for a long time.
* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.