XRP price rises amid Liquidity Hub uncertainties
Ripple (XRP) has been moving upwards for almost a month as the total crypto market cap surpassed the $1.2 trillion mark. However, XRP is still down from its local top of $0.575 on March 29.
XRP, the sixth-largest cryptocurrency, has increased by 0.41% in the past 24 hours. It is trading at around $0.518 at the time of writing.
While the asset’s price has been bullish, the Ripple community has questioned the firm’s decision to exclude XRP from the Liquidity Hub — a newly launched B2B product by Ripple Labs.
Moreover, according to an official announcement, Ripple launched the Liquidity Hub on April 13. Per the blog post, the company behind the sixth-largest crypto asset stated that its new product would support bitcoin (BTC), ethereum (ETH), ethereum classic (ETC), bitcoin cash (BCH), litecoin (LTC), USDC, USDT, and even the US dollar.
Per the announcement, Ripple did not add support for its own utility asset, XRP, at least for now. “We look forward to supporting XRP as it receives regulatory clarity in the US,” reads the blog post.
The chief legal officer at Ripple, Stuart Alderoty, said in a tweet that one of the significant reasons for excluding XRP from the Liquidity Hub is the asset’s limited liquidity in the US. “We’re keen to support XRP in LH when we can provide a good customer experience,” Alderoty added.