Last December, media outlets reported that Coinbase is finally making plans to list XRP. The major cryptocurrency exchange had refrained from listing the third largest cryptocurrency per market capitalization for a long time because of some regulatory unclarity regarding the asset status of XRP. Finally, on the 25th of February, Coinbase announced that XRP will now be available on Coinbase Pro. This news was supposed to make the XRP Army excited but the reverse is the case.
XRP Army Isn’t Jubilant About The Coinbase Pro Listing
Following the Coinbase listing, some members of the XRP community have suggested that Ripple may have bribed Coinbase to list the XRP token. One member of the cryptocurrency community, Elliott Suthers asked how much Ripple paid Coinbase to list there token. Alistair Milne supported the question stating: “Did Ripple pay Coinbase for their token being listed?”
In reply, the head of Markets at XRP, Miguel Vias said “We’re happy to go on the record. Coinbase’s listing of XRP (also, not “our token”) was Coinbase’s independent decision – we did not give them anything to make it happen.”
The suspicious aren’t entirely unfounded. Last year, after Ripple released its Q2 report, there were rumors that the FinTech company tried to bribe exchanges into listing Ripple. Now, the community is suggesting that Ripple bribed Coinbase with $100 million to get XRP listed. It also allegedly paid Gemini between $1 to $3 million in XRP to get the exchange to list the token. The bribe was referred to as “quick liquidity” in case the exchanges want to make the token available for trading.
Right now, there is no concrete evidence that Ripple bribed Coinbase into listing the XRP token. The current sentiment is understandable because the move from Coinbase was sudden. Notwithstanding, the listing has contributed to the bullish transactional volume of XRP this month.
Ripple Transactional Volumes Doubled In February
Just after the listing, XRP got the “Coinbase Effect”. This is the term members of the cryptocurrency community use to describe the price and trading volume boost coins get right after they are listed on Coinbase. The price spiked by 12% but the sentiment started changing shortly after. XRP is currently down by 6.3% from last week’s high. However, it is trading at $0.317684. This means it is up by 1.22% against the USD and up by 1.5% against BTC. The 24 hour trading volume is $752,759,814 and the market capitalization is $13,141,195,260.
XRP (XRP) Price Today – XRP / USD
The short and medium-term outlook is still bullish against the USD. If XRP is able to move above $0.34 it may gather enough momentum to cross the $0.40 level. Staying above $0.30 is crucial if the bulls are to stand a chance. Anything below this level might give the bears the momentum they need to overtake the market.
Meanwhile, the trading volume of XRP has doubled in February. Starting the month with about 17 million, the volume spiked to 34 million. The volume on the 24th and 25th of January were especially high when compared to the rest.
What do you think about the bribery accusations? Did Ripple bribe Coinbase to list the XRP token? Share your thoughts in the comment section.