Huobi Pro now supports Ripple

The XRP / BTC and XRP / USDT trading pairs will be added to Huobi Pro today, 23.11.2017
23 November 2017   2453

On Thursday, November 23, the Huobi Pro Exchange will launch the Ripple (XRP) bidding. According to the Exchange, the trade will go in pairs XRP / BTC and XRP / USDT.

In the end of October, the Huobi Exchange based in China announced the withdrawal from the industry and reformatting to "a provider of information and research services in the field of blockchain." The main direction of the company's activity will be directed to the Chinese market.

At the same time, a separate company, Huobi Pro, was created, which is oriented to work at the international level. The major currencies that the exchange supports include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash and Ethereum Classic. Also over the past few weeks, support for EOS and 0x has been added.

At the moment of press, this announcement didn't have much effect on the XRP price.

Ripple Chart
Ripple Chart

Main market parameters are:

  • Average price $0.238595
  • Market cap $9 215 223 766
  • 24h trading volume $202 745 000

BTC is Better For Global Remittances Than XRP - Bitspark

CEO George Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay
28 May 2019   222

The head of Bitspark, George Harrap, expressed the opinion that Bitcoin is better suited for cross-border payments than the Ripple's XRP token, which was specifically designed for this purpose, Crypto Briefing reports.

In particular, Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay. At the same time, various services use XRP rarely because of its insufficient liquidity when exchanging for fiat currencies. This situation makes the Ripple token expensive to pay.

Bitspark researchers have published a report that assesses the suitability of various cryptocurrencies for making international payments. Thus, experts assigned Bitcoin and Ethereum “medium degree of suitability”. At the same time Stellar, thanks to the built-in decentralized exchange and the convenience of issuing stablecoins, received a higher mark.

The xRapid and xCurrent solutions, where the XRP token is used, are assigned a low degree of suitability due to their low liquidity when interacting with fiat money. In particular, according to Harrap, xRapid is convenient for operations with one currency, however, interaction with several monetary units is fraught with considerable difficulties. For example, an attempt to convert US dollars to Kenyan shillings will require payment routing through various channels and, possibly, conversion into various currencies, which translates into significant commissions.

The number of Ripple gateways that exist hasn’t changed in four years and basically consists of bitcoin exchanges for people to speculate on the price of XRP for BTC. None of these companies are remittance companies, nor are they using XRP for its intended purpose.

George Harrap

Head, Bitspark

Also in the company's report says that despite the low rate of transactions, the level of mass adoption of bitcoin is high, and it is more often used in payments than XRP.

There are no liquid Nigerian naira (NGN) and Ethereum (ETH) market, EOS and Vietnamese dong or XRP and Philippine peso markets. The only market which has sufficient liquidity and people willing to provide a local currency in exchange for a cryptocurrency is usually bitcoin.

George Harrap

Head, Bitspark

CoinMetrics researchers recently revealed a discrepancy of $ 84 million in Ripple reporting and XRP blockchain data.