XRP Debuts on Coinbase, but It’s Not All Good News

Ripple (XRP) gets listed on Coinbase.com, Coinbase Pro platform, and on the Android and iOS Coinbase apps. But what should you know about this XRP listing?

Ripple (XRP) made a buzz this week following the Feb. 25 news of Coinbase supporting XRP on the Coinbase Pro platform. Not long after, the said cryptocurrency exchange listed XRP on its website, as well as on its Android and iOS apps.

Here are four important things about the debut of XRP on Coinbase:

#1 XRP is now live on the Coinbase ecosystem

Shortly after joining Coinbase Pro, XRP becomes accessible to the average users of the Coinbase website and mobile apps. This means customers in the US, Canada, the UK, the European Union, Singapore, and Australia can now send, receive, buy, seek, store, and convert XRP on the said ecosystem.

https://twitter.com/coinbase/status/1101196055331258368

A recent blog post of Coinbase, however, said users in New York state and the United Kingdom will have to wait before the service becomes available.

#2 XRP price remains steady after the debut

No significant XRP price changes happened after the Feb. 28 announcement as XRP traded around the $0.32 mark. This surprised some users  because the XRP price jumped by almost $0.04 from as low as $0.3005 to $0.3388 between Feb. 25 and Feb. 26.

From Feb. 24 to 25, however, there was a steep decline of the XRP price, thereby crediting XRP’s recovery to the said listing.

#3 Report says XRP violated Coinbase’s terms

Blockchain research firm Diar released on Feb. 26 a report, stating that Coinbase had disregarded an item in its Digital Asset Framework.

“However, Coinbase has now clearly abandoned one of their own pillars for the potential listing of a cryptocurrency. In their ‘Digital Asset Framework’ that outlines requirements to be listed, the exchange states that “the ownership stake retained by the team is a minority stake,” a fact far from reality as Ripple holds nearly 60% of the supply in escrow with a release schedule.”

#4 Ripple denied accusations of paying for XRP listing

Months before the official XRP listing on Coinbase, several accusations have surfaced. Bloomberg cited anonymous sources who alleged that Ripple was paying its way to get listed on Coinbase and Gemini, two largest cryptocurrency exchanges based in the US.

With the recent listing of XRP on Coinbase, similar accusations resurfaced. Ripple Head of XRP Markets Miguel Vias, however, denied such claims, saying “we did not give them anything to make it happen.”

https://twitter.com/miguelvias/status/1100870089191100430

At press time, XRP trades at $0.3209, approximately 48 hours after whales moved $200 million worth of XRP and XLM.

CoinChoose

Coin Choose is a dynamic crypto-journalist known for his sharp insights and lively writing style. With a background in investigative journalism and a knack for demystifying the complex world of cryptocurrencies, CC brings a fresh, engaging perspective to the crypto news landscape. His personal motto, "Decrypting crypto, one story at a time," perfectly encapsulates his approach: tackling the complexities of cryptocurrency with clarity, enthusiasm, and a hint of playful curiosity.