Investors new to the cryptocurrency space might be surprised to learn that Ripple—the third-biggest cryptocurrency market cap—is traded heavily on South Korean exchanges.
At one point, volume from three South Korean exchanges accounted for more than 70% of trading volumes. However, that number plummeted in recent weeks, which might explain why XRP is down, wasting away at the $0.20 level.
Now, though, there is a new kid on the block.
An exchange called Coinrail opened its doors this month, aiming to provide liquidity for lesser-traded altcoins, such as Stratis, OmiseGO, Dash, and…Ripple. It will officially list XRP on November 17, 2017.
This is big Ripple news…
Over the long haul, adding liquidity to the market might actually lower volatility. But in the short term, it could create a tailwind effect by promoting investor interest in altcoins.
If this seems like a stretch, I would remind you that the first generation of exchanges were intensely Bitcoin-focused. Having the staff at Coinrail (the marketing department, in particular) devote attention to altcoins is a significant shift in tone. It is a nudge towards XRP.
And anyone who’s studied microeconomics knows the power of a nudge…
There’s also no question about whether Coinrail wants to be an altcoin hub.
During November, it plans to list QTUM, Stellar Lumens, and Kyber Network. And by the end of 2017, it will likely add Lisk, NEM, IOTA, Waves, Komodo, and NEO, among others.
Daily Ripple Chart:
While this one tailwind won’t carry XRP to our $2.00 Ripple price prediction, it could dislodge the currency from its $0.20 level. As such, we maintain our prediction for 2018.