Ripple is the third biggest cryptocurrency in terms of market value after Bitcoin and Ethereum. However, it finds it difficult to get listed in the United States’ exchanges dealing with the digital currencies. If Bloomberg report is true, the San Francisco-based firm was even ready to offer financial gifts to pave the way for its listing. The company was hoping to list the virtual currency on the platforms such as the Gemini and Coinbase.
Future Depends On Joining Big Names
So far, the virtual currency firm is struggling to get listed XRP, Ripple’s symbol, on big exchanges in the United States. The company believes that its future depends more on the listing of the digital currency in the American exchanges and for this, it was ready to offer financial incentives to a number of brokers. The company wanted to prove its ability to join the big names in the cryptocurrency market. Interestingly, the virtual currency was one of the best-performing assets last year gaining more than 35,000 percent.
Following the bumper performance, there was a belief that XRP would be the next to get added onto the Coinbase that enables traders to purchase cryptos through conversion of fiat money. Though Coinbase added a fresh virtual currency to its platform in December, it was not Ripple’s XRP, and it was bitcoin cash. Incidentally, it was the fourth biggest currency in terms of value currently. However, it was not a secret one since its employees have already leaked information of its launch beforehand.
In any case, Ripple has not offered any great momentum in the current year and struggling like its peers to generate momentum, hacked.com reported. Most of the digital currencies price has dropped significantly after hitting a record high in December last year. Currently, Ripple is only trading at a fraction of the lifetime highs seen around Christmas.
One of the reasons for XRP failure is that it was not only facing criticism but also due to banks selecting to work with Ripple sans the XRP token. So far, the digital currency is attracting institutional firms only to a limited extent though there is tremendous interest in Ripple as a firm.
Controlled By a Single Firm
There are more problems for Ripple since it was managed by a single firm. As a result, it fits well into the security definition that could place it under the federal regulations purview. For its part, the regulator of the stock markets, the Securities Exchange Commission, has warned cryptocurrency exchanges repeatedly that they should register with the agency if they were keen to offer such assets.
Currently, Ripple is trading less than $0.50 level as the volume surged significantly. For the 24-hour period, the digital currency has shed 7.97 percent at the time of writing this, i.e., 4.00 a.m. ET. This translates into a market value of about $19.3 billion. Following the steep drop in trade volume, it resulted in losing $400 million for the most crypto asset. The digital currency enjoys the biggest market in South Korea for Ripple trades. The Japanese firm, Bitbank, recorded 10 percent gain from the daily turnover.