Bitstamp Exchange encountered a temporary issue with XRP trading, but quickly resolved it and announced the resumption of trading for the coin. The issue was acknowledged on October 10 at 18:24 (UTC), and Bitstamp assured its community that a specialized team was actively working on a resolution.
During the period when the issue occurred, Bitstamp users reported a significant and unusual drop in XRP’s price on the platform. XRP purportedly plummeted to $0.4587 at around 09:00 (UTC). Bitstamp has shown significant support for XRP, being among the prominent exchanges to re-list the coin in July.
Efforts to Support XRP
Bitstamp has introduced various XRP-focused products, including the launch of 2% APY on XRP lending in August. The exchange has also enhanced the XRP lending yield for 30-day periods to better serve its clientele.
Bitso, a distinguished Mexican crypto exchange, and Bitstamp, an exchange operating within the European Union, both hold prominent positions in the crypto space and maintain a close partnership with Ripple in the context of XRP-based cross-border payments. A recent report from Whales Alert highlighted significant XRP transactions involving both exchanges.
“Bitso received two distinct transactions involving 20,400,000 XRP and 30,400,000 XRP, while Bitstamp witnessed transactions of 26,800,000 XRP and 29,300,000 XRP.”
These transactions add to the intrigue surrounding Ripple’s interactions with Bitso and Bitstamp, further strengthening the belief that Ripple’s cross-border payment solutions continue to rely on the XRP ecosystem.
Collaboration and Ripple Payments
Bithomp, an analytics platform specializing in XRP, has provided data affirming a connection between the sending wallets and Ripple, adding significant weight to the collaborative history shared between the entities involved.
Bitso and Bitstamp have played crucial roles as partners with Ripple in its cross-border payment system. Recently, Ripple made a strategic move by rebranding its On-Demand Liquidity (ODL) to “Ripple Payments.” This rebranding highlights the continued collaboration between Ripple and its partner exchanges, Bitso and Bitstamp, in facilitating seamless cross-border payments using the power of XRP.
