Changpeng Zhao, the CEO of Binance, has sent out a Tweet asking to be convinced of Ripple’s value as a base currency. Currently, Binance only allows Ripple (XRP) to be traded with Bitcoin, Ethereum, Tether, and its own Binance Coin. The addition of XRP as a base pair would allow investors on Binance to trade the XRP token with many other cryptocurrencies and fiat currencies.
Zhao’s tweet reads as follows:
The xrp base shill is strong. Let’s get it out of your system, and put all your shills under this one tweet, and let’s see how much we get. https://t.co/usiISCtuSj
— CZ Binance (@cz_binance) November 18, 2018
Zhao’s message has provoked a staggering amount of debate, and the tweet has generated over 3300 replies from the crypto community. Presumably, many of these replies were supportive: the tweet also received over 3000 retweets and nearly 7300 likes, both of which promote the idea of XRP as a base.
Many sources believe that Zhao is seriously considering the argument for XRP as a base currency, partially due to the fact that he posted instructions for listing coins on Binance. However, Zhao’s tone does seem to be dismissive, especially given the fact that he refers to Ripple supporters as “shills.” Some have suggested that Zhao is merely trolling the Ripple fanbase: many of the replies are ironic or argue against the addition of a Ripple base pair.
Suggested Reading : Learn about the best XRP wallets.
Nevertheless, the Ripple token is in a fairly good position to serve as a base pair, which is a role that is normally reserved for Bitcoin and a few other coins. XRP has recently become the second largest coin by market cap, stealing a position that has been held by Ethereum for quite some time.
More generally, XRP has maintained a high price, even though the crypto market is falling as a whole. The coin is also designed to be used as a bridge between currencies thanks to its low fees, fast transaction speed, and integration with fiat gateways. XRP could allow exchanges to perform trades more efficiently.
In theory, any cryptocurrency can serve as a base pair. Most exchanges use Bitcoin and Ethereum as a base currency due to the fact that they are so ubiquitous. However, Tether has become widely adopted as a base pair as well — its relative stability makes it an attractive choice for investors who are trading in a volatile market.
But whether XRP can become a prominent base pair is unclear: only a small number of exchanges, such as CoinField and DCEX, use Ripple as a base pair. Of course, that could change in the future if Ripple gains enough popularity.