The largest Cryptocurrency exchange in the United States – Coinbase has finally decided to add XRP.
The San Francisco based exchange announced on Monday that it will be listing XRP trading pairs including XRP/USD, XRP/EUR, and XRP/BTC on its Pro platform. Starting at 10 AM on February 25th, XRP will be available for trading in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia.
XRP, however, is still not available for retail investors on Coinbase.com or any of its mobile applications. Coinbase usually lists the newer Cryptocurrencies on its pro platform and then eventually adds support on its retail platforms.
According to their blog, Coinbase will list XRP in four stages:
- Transfer-only. “Starting after 10am PT on Feb. 25, customers will be able to transfer XRP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.”
- Post-only. “In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.”
- Limit-only. “In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.”
- Full trading. “In the final stage, full trading services will be available, including limit, market, and stop orders.”
Following the announcement, the price pumped 7% in a matter of minutes. According to Coindesk, the price jumped 7% in 15minutes:
$XRP jumped 7 percent in less than 15-minutes after CoinbasePro announced its support… are $XRP bulls done already? pic.twitter.com/LAIDE00WDe
— CoinDesk Markets (@CoinDeskMarkets) February 25, 2019
At the time of writing, XRP is valued at $0.342 increasing 12.3% in the past 24 hours. It is still lower than the price levels on 24th February before the price crash.
Image Source: Tradingview
The sudden increase in price caused certain Twitteratis to doubt Coinbase and even accused them of insider trading. Sir Bitlord tweets:
https://twitter.com/Crypto_Bitlord/status/1100097740531326982?s=19
Many XRP critics have been claiming that the token is an unregistered security, Coinbase’s policy suggests they only add tokens that they deem are not securities and are decentralized. But they also have mentioned that they are prepared to support the asset however its classified by the regulators.
Coinbase listing XRP is significant because it means @coinbase has full confidence that XRP is not a security. This is a big win for the XRP community. #xrp #xrpthestandard #ripple #0doubt
— xrp_news ⚡ (@xrp_news) February 25, 2019
The answer to whether XRP is a security or not still remains uncertain among speculators.
Also Read:
Ripple’s technology will gradually become used in the form of using “XRP” says SBI President
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