Ripple Seeks to Separate from Bitcoin as XRP/BNB is Added to Binance

Ripple New Trading Pairs

Binance opened trading today for four new pairings: XRP/BNB, TUSD/USDT, XLM/USDT and IOTA/USDT. On the crypto exchange, XRP is already paired with BTC, ETH and USDT. This will give users more flexibility for trading the cryptocurrency targeted, by the company Ripple, at international payments.

Brad Garlinghouse continued his high-profile advocacy of XRP on Wednesday, saying that its price will separate from Bitcoin in the long run. His comments come as Binance adds four trading pairs, including XRP/BNB, and Currencies Direct announce a successful XRP pilot.

Speaking on CNBC, Garlinghouse said: "There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It's early, over time you'll see a more rational market and behaviors that reflect that."

The price of XRP, which hit a peak of $3.81 in January, has since crashed to $0.61 (excluding Korean markets) following the recent bear market in cryptocurrencies this year. It peaked two weeks after Bitcoin which almost hit $20,000 but has followed its downturn.

He also backed the SEC for taking action on fraudulent cryptocurrency companies. The SEC has said all ICOs appear to be securities but instead of taking widespread action, they have focused only on fraudulent cases.

"The SEC is getting involved as they should because there have been frauds committed," Garlinghouse said. "We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there's also examples of real utility."

XRP has had some good news recently as Currencies Direct reported that their trial using the xRapid platform, which uses XRP, was successful. The service, provided by Ripple, is aimed at speeding up international transfers and offers an alternative to the 3-5 day service that SWIFT provide.

Brian Harris, Chief Product Officer at Currencies Direct, said: “Our trial with XRP was a resounding success. We're currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.”

This week, Covesting reported that hackers, who stole personal data from two Canadian banks of 90,000 Canadians, demanded that they be paid $1 million in XRP to not release the data. They exploited aspects of the bank's system involving the ability to reset user's passwords. The demand was made for midnight on May 28 and it was unclear if the demand was met by the bank.