Last Friday, December 21st, a popular decentralized cryptocurrency exchange called CryptoBridge announced the listing of the second largest cryptocurrency by market cap, XRP. The announcement also mentioned that XRP will have two trading pairs on the DEX’s platform — XRP/BTC and XRP/ETH.
— CryptoBridge (@CryptoBridge) December 21, 2018
The exchange also stated that there are many altcoin traders who are overwhelmed with performance problems, manipulation, thefts, hacking attacks, government takedowns, and other issues regarding centralized exchanges. Because of this, more and more traders are turning to decentralized solutions.
DEXes have their order books based on blockchain technology and multi-signature federated gateway network. Since users are accessing their coins via their own private keys, the decentralized exchange has no access to their funds. As such, the exchange will not impact its customers’ ability to access their money, which will still be possible even if the exchange itself goes out of business.
CryptoBridge uses a blockchain belonging to a project called Graphene for powering the exchange. This is a powerful chain that can process around 100,000 transactions per each second. Not only that, but its confirmation time is only 3 seconds.
XRP surges after listing
Due to the fact that more and more people are turning away from centralized exchanges and giving a chance to DEXes, CryptoBridge has decided to adopt XRP so that its customers would have opportunities equal to those provided by centralized services. Following the announcement, XRP’s value started growing. The growth was slow at first, but it soon increased, and the coin’s value is now 30% higher than it was a week ago.
At the time of writing, the price of XRP is at $0.426539, with a 17% increase in the last 24 hours. The coin’s market cap has grown as well, and it currently exceeds $17.4 billion. For now, this is still enough for XRP to remain the second largest coin by market cap.
The situation is also quite positive when it comes to the rest of the crypto market as well, with only a small number of altcoins currently trading in the red. In fact, nearly every coin within top 100 is seeing significant gains. Bitcoin itself is growing by over 5%, while Ethereum experiences a 15% surge. XRP is still experiencing the fastest growth in the last 24 hours, at least when it comes to the top 10 largest coins.