Ripple’s XRP Makes Another Step Forward Going Live on Huobi OTC
Originally published on: CoinSpeaker
Read the original article
March 07, 2019
Just recently, the whole crypto community has been actively discussing XRP listing on Coinbase. It was a milestone for both of them which has resulted in disputes whether there were no Coinbase’s listing rules violations due to the controversial nature of the relations between Ripple and XRP.
Though Ripple is doing its best to convince the audience that XRP is not a security and it’s not centralized, there are still a lot of doubts from the side of the industry’s participants and players.
XRP on Huobi OTC
Nevertheless, XRP is moving forward. As it has been announced, the coin has recently joined Bitcoin, Ethereum, Tether, Eos and Huobi Token in the list of digital assets supported by Huobi’s over-the-counter (OTC) trading platform.
This update is said to be available to the platform’s users in 24 different world’s currencies, the list of which includes USD, GBP, CND, CAD, EUR and others. The maker fee will be different for different currencies. As for the taker fee, it is set at 0%.
Speaking about their new move, Livio Weng, the CEO of Huobi Global, stated:
“In addition to serving as Huobi Global’s main onramp, Huobi OTC is also our main platform for users who prefer peer-to-peer trading. It is very important for our overall trading system. The addition of Ripple is a big step forward in expanding our already extensive offering here.”
Of course, Mr. Weng meant to say XRP instead of Ripple in this very context, nevertheless, it’s quite a common case for these two notions to be misused.
The main aim of the peer-to-peer OTC wing of China-based crypto exchange Huobi is to provide a reliable link between digital assets and fiat currencies. Also, it functions as an escrow to those who place buy or sell ads on the platform and then carry out transactions exchanging crypto and fiat currency.
As for Huobi Global itself, it is the world’s eighth largest crypto exchange by trading volumes and it makes a huge contribution to the growth of XRP. The share of Huobi Global exchange in XRP trading globally accounts for 5.729% and the exchange contributes over $20.733 million worth of trading volume for XRP through the offered trading pairs: XRP/USDT, XRP/BTC, XRP/HT.
In February, when it was announced that XRP had been listed on Coinbase, it was expected that this news would boost the liquidity of XRP by manifold times. Quite soon, the price of XRP increased by more than 10%.
Nevertheless, the growth didn’t last long. Now it is ranked third in the list of major cryptocurrencies with a market capitalization of $12.979 bln. It is traded for $ 0.31 and has gained 0.32% over the last 24 hours. But even these not very positive changes in its price despite all the recent achievements do not make XRP community lose hope for the bright future.