Coinbase Pro Begins Ripple XRP Trading - But Excludes NY, Japan

Coinbase Pro Begins Ripple XRP Trading – But Excludes NY, Japan

After years of campaigning on social and other media, Ripple XRP fans will finally have the chance to trade their favorite crypto asset on Coinbase Pro. The company announced XRP would begin trading on February 25th, with a few catches — users in the major trading markets of New York, Japan and most of Asia will be excluded for now, and XRP trading isn’t yet available to or mobile app users.

Also read: Substratum Delisted From Binance, KuCoin–Again Raising Alarm Bells and Questions For ICO Investors

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Price Bumps As News Spreads

The XRP asset, often referred to simply (and incorrectly) as “Ripple”, experienced a price bump of 8.8 percent over the past 24 hours, compared to more modest 2 and 3 percent gains for other assets in CoinBillboard’s Top 10. It’s currently worth around $0.33 USD.

Coinbase Pro traders in the U.S. (excluding New York state), U.K., supported European Union member countries, Canada, Singapore and Australia now have access to three trading pairs: XRP/USD, XRP/EUR, and XRP/BTC. Coinbase said the launch will happen in four stages starting February 25th, allowing first transfers, then posted orders, then limit-only orders, then full trading once conditions exist for “a healthy and orderly market”.

To List XRP, or Not to List XRP? That Is the Question (we’ve all heard a million times)

XRP has always been a controversial asset within the crypto community, despite its popularity with traders (particularly in Japan). It’s generally referred to as a “cryptocurrency” and can be used for payments, but its network operates on a consensus mechanism that functions differently to mined blockchains. XRP itself is designed to be a “bridging asset” to enable trades on the Ripple Ledger where direct trades between the two may not be available.

Like Ethereum’s ether (ETH), which also exists primarily as an internal network asset, XRP has also increased price volatility and massive bull runs. In January 2018, it hit its all-time-high price of $3.40 amid expectations it could hit $5 or more. Like other crypto assets, however, its price has mostly declined after hitting that peak.

Its popularity has long led to calls for and rumors of a Coinbase listing, though the company said it was still deciding. Coinbase’s requirements for all listed assets to have an open blockchain may have been a barrier, but many held out hope that its sheer popularity would see it listed someday.

Coinbase will announce at a later date whether XRP will be available on its main consumer exchange, and in jurisdictions other than the ones mentioned above.

What impact will this announcement have on crypto markets? Sound off in the comments below.

Images via CoinBillboard, Pixabay

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