Crypto News

XRP Price Rises as Ripple’s Decision to Exclude it from Liquidity Hub Sparks Concerns

Published by
Nonhlanhla P Dube
  • Ripple’s XRP has experienced a positive trend in the crypto market for almost a month, but it is still down from its local top of $0.575 on March 29.
  • Ripple recently launched a new product called the Liquidity Hub, which will support several cryptocurrencies such as Bitcoin, Ethereum, and USDC, but it did not add support for its own utility asset, XRP, at least for now.
  • The Ripple community has expressed concerns regarding the exclusion of XRP from the Liquidity Hub, while the Ripple Chief Legal Officer, Stuart Alderoty, explained that one of the significant reasons for this decision is the asset’s limited liquidity in the US.

Ripple’s XRP has been experiencing a positive trend in the crypto market for almost a month, as the total crypto market cap surpassed $1.2 trillion. However, the sixth-largest cryptocurrency is still down from its local top of $0.575 on March 29. At the time of writing, XRP has increased by 0.41% in the past 24 hours and is trading at around $0.518.

Despite the bullish trend of XRP’s price, the Ripple community has expressed concerns regarding the exclusion of XRP from the Liquidity Hub, a newly launched B2B product by Ripple Labs. Ripple announced the launch of the Liquidity Hub on April 13. According to the official blog post, the new product would support several cryptocurrencies such as Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, USDC, USDT, and even the US Dollar. However, the company did not add support for its own utility asset, XRP, at least for now.

The Ripple Chief Legal Officer, Stuart Alderoty, said in a tweet that the primary reason for excluding XRP from the Liquidity Hub is the asset’s limited liquidity in the US. He added that they are keen to support XRP in the Liquidity Hub when they can provide a good customer experience. The Ripple community, on the other hand, has questioned the company’s decision to exclude XRP from the Liquidity Hub.

As the total crypto market cap continues to rise, it remains to be seen how the exclusion of XRP from the Liquidity Hub will affect its price in the future. Nevertheless, the Ripple community remains hopeful that XRP will eventually be supported in the Liquidity Hub, especially when the asset receives regulatory clarity in the US.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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