Recently, Binance announced that $XRP would be added as a base pair asset on the exchange for two different traded tokens:
This is fairly big news because the $XRP community has been anticipating such an addition on a major exchange for quite some time.
Why is This a Big Deal?
For those that don’t know what this means, typically, when you go on an exchange, you will see markets that are like the following :
Basically, what that means is that in #1, the market for BTC is priced in USD. In #2, the market is priced in USD, and in #3, the market is priced in $ETH.
What Binance is doing is allowing for some traded pairs to be priced in $XRP.
This obviously would inherently increase the volume of trading for the pair (though not the volume of TX on the network itself because of how exchanges work). Many $XRP hodlers are fans of this because they believe that this will lead to an increase in the value of $XRP, since the demand for it would inherently increase as well.
Only time will tell how many more pairs will be added with the $XRP token in the near future. Also, only time will tell what kind of general effect this will have on the volume, demand, and exchange price of $XRP as well.