Despite controlling the third-largest crypto market on the planet, Ripple has failed to make its way on to coveted U.S. exchanges. According to Bloomberg, which quoted private conversations with sources familiar with the matter, the San Francisco-based company has even offered money to get listed on platforms like Coinbase and Gemini.
Ripple’s New Crisis?
Until now, Ripple has been unable to list its XRP token on major U.S. exchanges. By offering financial incentives to multiple brokers, Ripple is essentially saying that the future of XRP hinges on its ability to join the big leagues.
XRP was the world’s best-performing crypto asset of 2017, with gains of 36,000%. This prompted widespread speculation that the currency would be the next to feature on Coinbase, which allows traders to buy cryptos simply by converting fiat money.
Coinbase added a new digital currency to its platform in December, but it wasn’t XRP. Instead, the company integrated bitcoin cash, which is now the world’s fourth-largest cryptocurrency. The addition of the new currency wasn’t entirely a secret, as it appears that Coinbase employees leaked information about its offering days before it was launched.
XRP has failed to generate momentum this year, with prices trading at a fraction of previous highs. The so-called banker’s cryptocurrency has been dogged by criticism that it has no real utility because banks can choose to work with Ripple and not employ the XRP token. Until now, XRP uptake in institutional circles has been limited despite growing interest in Ripple the company.
That’s not the only problem XRP faces. Because it is largely controlled by a single company, it may fit the definition of a security, which could put it under the purview of federal regulations. The U.S. Securities and Exchange Commission (SEC) has repeatedly warned exchanges that they must register with the agency if they intend to provide such assets.
XRP/USD Price Levels
The value of XRP declined sharply on Wednesday, although this was largely a symptom of a much larger breakdown in the crypto market.
XRP fell below $0.50 U.S. early on Thursday, having declined nearly 11% over the last 24 hours. It was last seen trading around $0.47. At present values, the digital currency is capitalized at $19.3 billion. Trade volumes plunged to $400 million as liquidity dried up for most crypto asset.
South Korea’s Bithumb was the largest market for XRP trades, accounting for about a third of the daily turnover. Japan-based Bitbank saw about 10% of the daily turnover.