Ripple’s XRP Awaits Trading Launch on Coinbase Pro
After a long waiting period during which Coinbase passed over XRP for other digital assets, trading will finally be opened on Coinbase Pro.
Ripple’s XRP will soon become available to a limited selection of traders through the Coinbase Pro platform, where the addition of an asset is usually followed by its launch on the generally accessible platform.
“After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading,” Coinbase announced on its blog.
The offer excludes the state of New York due to special legislation. XRP is yet to receive a verdict on whether it is a security as the use case of the digital asset varies. Initially, trading will be available in the UK, supported European Union countries, Canada, Singapore, and Australia. A period of establishing sufficient deposits and potential liquidity must pass before full trading starts.
XRP is the asset used by the Ripple company and for interbank transfers in solutions such as xRapid. The exact role of XRP, rebranded from Ripple, is yet to be determined within the usage of the distributed ledger. Unlike blockchain projects, XRP is supported by a series of servers, and skeptics view the asset as an impostor in the crypto space.
There is still no clarity regarding the inclusion of XRP in the central Coinbase exchange service. During the peak enthusiasm levels for crypto assets at the end of 2017 and the first part of 2018, a Coinbase listing was seen as critical for the mass adoption of XRP, potentially lifting the prices to above $5.
However, the news of a Coinbase Pro trading has so far failed to cause a dramatic reaction, only lifting XRP prices by about 5% in the past day to around $0.32. The listing happens at a time when it is still uncertain if the bear market is over or if there would need to be a stronger recovery.
On Coinbase Pro, trading pairs will include XRP/USD, XRP/EUR, and XRP/BTC. Currently, XRP has a strong presence on Binance, with BTC and Tether (USDT) pairs roughly equal in weight at around 31% of all trades. XRP prices are still affected by the position of BTC.