- Thumbs up for Ripple as PayPal Lists XRP as an Option for Its 346 Million Customers
- PayPal is Opening a New Door of Limitless Possibilities for XRP and the Cryptocurrency Industry as a Whole
Ripple News Today – Ripple and Other cryptocurrencies in the industry have had a roller-coaster ride since the beginning of the year. This morning, PayPal announced the best news the cryptocurrency market has heard this year. The global remittance company has listed Ripple XRP, Bitcoin BTC, Ethereum ETH, IOTA MIOTA, and many other cryptocurrencies. These cryptocurrencies were added to PayPal’s digital currency wallet. From the first quarter of 2021, PayPal’s 346 million clients will be able to buy, hold, or sell cryptocurrencies through their PayPal accounts.
Ripple News Today – the Future is Bright for Ripple XRP
According to the original reports from Reuters, PayPal Holdings Inc has been interested in cryptocurrencies for a while and this move is only going to make things better for the company while providing exposure for XRP and all the other cryptocurrencies that have been listed. PayPal’s dive into the digital asset market was done in partnership with Paxos Trust. The president of PayPal, Dan Schulman, had this to say about the partnership;
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”
While PayPal is currently available in over 200 countries, only people in the United States will be able to use their services for buying, selling, or holding digital currencies for the next few weeks. Other countries will join the party later. This is a big deal since PayPal processed more than $222 billion payments in 2020 alone. XRP will get major adoption even if a fraction of these payments are done with this token.
While PayPal will be using cryptocurrencies, the announcement noted that the purchase of cryptocurrencies must be done in fiat. This is because cryptocurrencies are highly volatile compared to fiat. Despite this, the announcement got a lot of positive reactions from the cryptocurrency community. People are happy about PayPal’s interest in cryptocurrencies. Other companies like Visa and Mastercard have shown interest in cryptocurrencies as well. Shortly after the announcement by PayPal, Ryan Selkis said
“Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies.”
Bitcoin advocate Mike Novogratz also had something to say about PayPal’s move ;
“This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day.”
Ripple XRP is in desperate need of a make over and a price boost. The token has been struggling for a long time but it managed to move above the resistance at $0.2500 right after the announcement was made. At the time of writing, the price of the token was $0.255227. It was up by 4.16% against the USD and down by 2.91% against Bitcoin BTC. The trading volume over a 24 hour period was $1,902,044,101 and the market capitalization was $11,548,512,844.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.