Ripple, the third cryptocurrency in market cap when 2018 started, has had a good run in 2017 overtaking even the older coins such as Litecoin and Bitcoin Gold. Earlier in 2018, it has also developed more use cases with large financial institutions for cross-border transfers.
However, Ripple seems to struggle when it comes to getting listed in major cryptocurrency exchanges. Despite the popularity it accumulated, it is still being rejected by the exchange companies. The volatile and unregulated nature of the market makes the list of considerations for listing more complicated. Although it is common to pay exchange companies to list an asset, this is not necessarily the case with cryptocurrency exchanges.
To fix this, the Ripple team has been reported to have offered “financial incentives” to major Bitcoin exchanges Gemini and Coinbase. To cite a more specific example, Ripple offered a million dollars in outright cash to Gemini together with $100 million worth of XRP for investors to trade with through the exchange.
Before 2017 ended, there was false hype about Ripple being listed on Coinbase. Though very short a period, the price seems to have benefitted from it. With this big an offer, Ripple may really need the help of popular exchange companies for the cryptocurrency to regain much-needed momentum.
Although the Ripple team’s approach seems suspicious, Autonomous Research states that the listing of an asset can very well range from 1 to 3 million dollars. On this ground, the proposed deal looks to be completely legal.
During an interview by Bloomberg with Ripple spokesperson Emmalee Kremer, some details of the reported deal were denied. Instead, Kremer commented:
“Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem,” she said. “We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”
At this point, Ripple may look desperate, but this is not the case. The cryptocurrency has been successful in its attempt at bridging traditional banks and cryptocurrencies. On top of that, crypto enthusiasts have expressed interest in trading Ripple on the popular US trading platforms through forums and social media.
The technology Ripple offers is not in question, and the listing may just depend on how regulators classify the cryptocurrency. If XRP remains an unregulated security, exchanges may continue to shy away from the thought of listing it.