Binance Adding XRP as Base Pair Could Trigger Long Awaited Decoupling from Bitcoin (BTC)

XRP, the second largest cryptocurrency by market cap, has been launched on decentralized exchange CryptoBridge. It has been paired with two top coins, including Bitcoin (BTC) and Ethereum (ETH). Now Binance CEO has made reference to a possible listing of XRP as its base pair.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

XRP Holders Hope for the Long-Awaited Decoupling from Bitcoin (BTC)

According to the report, XRP holders are hoping that this initiative by Binance will trigger the long-anticipated decoupling of the XRP token from Bitcoin. Here decoupling can mean being free from under Bitcoin’s influence. Yes. It is a common theory about the market that many tokens and their prices depend highly on Bitcoin’s price action. Each time the Bitcoin (BTC) price takes a downward trajectory other tops coins crash as well.

The issue of decoupling is strong particularly for top tokens such as XRP and Ether. There’s a saying that attributes the drop of XRP to a drop in Bitcoin price, which emphasizes the need for decoupling. Many believe that XRP is now the most valuable asset and hence its ownership should take steps to ensure that decoupling happens if they want the token to be a success.

Reddit User: Decoupling May Well Be in Motion

One interesting observation made by a Reddit user regarding a possible decoupling of XRP from Bitcoin (BTC) “came out today, according to a Reddit user. In his words:

April 6th, 2018 XRP trades at $45 April 6th, 2018 BTC trades at $6500. June 12th, 2018 XRP stood at $55. June 12th, 2018 BTC trades at $6500 showing the significant market progress since the Bitcoin price last took a dive. This indicates that XRP is slowly moving from Bitcoin fellowship. Keep up the HODLing. Remember to buy the dips.”

Although this indicates that XRP is moving in the proper direction when it comes to decoupling, the real thing remains far-fetched as there are many conditions that must be met before decoupling truly happens.

Including More Fiat/XRP Pairs Can Help Decoupling

Adding more fiat/XRP pairs may help decoupling with Coinbase a key for this to come to pass. It could be an excellent boost in that respect even though it appears that there are a few political games hence even if XRP is doing their best, they can not be added there. After XRP is listed on many more exchanges and more people can buy it with fiat directly, you will see less of Bitcoin’s influence.

For now, as long as the majority of the top cryptos is traded in BTC pairing if Bitcoin (BTC) goes south, others will follow. Some cryptos are only tradable in Bitcoin (BTC) would be unrealistic for a digital coin not to follow the movement of Bitcoin (BTC). Until the cryptocurrency market halts it trade against BTC, Bitcoin will continue to control the market. Hence, for decoupling to occur faster, another pair should be initiated.

Bitcoin (BTC) is the reserve currency of crypto. It is considered by proponents as the only token that is fundamentally sound. For now, decoupling appears to be almost impossible, but it is highly unlikely for legit tokens.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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