Users of Coinbase cryptocurrency exchange can have some cheer as Ripple (XRP) will soon be available for trading on the platform. The exchange released a statement on Monday, Feb. 25, saying that it was adding support for the XRP token to the Coinbase Pro trading platform.
“After 10 am on February 25, 2019, we will begin accepting inbound transfers of XRP to Coinbase Pro.”
The Long Wait for XRP to be launched on Coinbase
The moves come after several months of anticipation. XRP fans had to look on as Coinbase added Ethereum Classic (ETC); then other ethereum-based tokens including 0x and BAT, and more recently privacy-focused coin Zcash (ZEC). The clamor for XRP’s inclusion in one of the most popular crypto exchange in the United States was heightened when outperformed Ether (ETH) to become the most valuable altcoin by market capitalization. Some argued that the neglect was because XRP was yet to prove that it was not a security token and could get in trouble with the Securities and Exchange Commission (SEC). Bitcoin (BTC) and Ethereum were cleared by the SEC last year.
How XRP Eventually made it to Coinbase
Coinbase raised speculation about listing XRP last December when it released a post stating that it was exploring the listing of Ripple’s XRP alongside thirty other cryptocurrencies as part of its new token listing drive.
Through its reviewed listing process, Coinbase said it wants to “rapidly list all assets that meet its standards and are compliant with local law while providing our customers with the tools to discover, evaluate, trade, and use digital assets.”
In September of 2018, it announced it was evaluating five cryptocurrencies namely Cardano [ADA], Basic Attention Token [BAT], Stellar Lumens [XLM], Zcash [ZEC], and 0x. It has listed three of the five cryptocurrencies so far.
Details of the XRP Listing on Coinbase
Coinbase began accepting deposits of XRP for at least 12 hours to give it a headstart so there will adequate liquidity before enabling full trading. It noted that it will open trading pairs in phases which will include pairs for Bitcoin (XRP/BTC) and fiat pairs including U.S. dollars (XRP/USD), and euro (XRP/EUR).
Per the announcement, XRP will first be available to Coinbase Pro users in the UK, supported European Union member nations, Canada, Singapore, and Australia and the United States excluding New York residents.
Benefits of XRP Listing
Coinbase noted that the inclusion of XRP to its platform follows a call from its customers who seek to trade more assets on the platform.
It explained that XRP, which facilitates cross-border transactions brings an added advantage as “XRP can be used to send underlying fiat currencies between two parties”. It explained:
“In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.”
Ripple (XRP) Price Watch
The news of Coinbase listing seems to be helping the price of XRP against other cryptocurrencies. Following the ‘Coinbase effect’ XRP is leading the top 10 cryptocurrencies as it gained over 6 percent since yesterday. This comes as major cryptocurrencies are still after a sharp decline two days ago. XRP’s total market cap is $13.3 billion as it gains ground on Ethereum at $14.5 billion.
XRP is not yet available on retail trading platform Coinbase.com as the exchange will release a separate announcement when it is. This typically happens after a few weeks.