Coinbase Pro Lists XRP For Trading as Price Jumps Over 10%

27. Feb 2019 Posted by Akolkar B on News

Ripple’s XRP token is now available for trading on one of the most popular cryptocurrency exchanges Coinbase. However, the listing will take place on Coinbase’s professional trading platform Coinbase Pro. Note that it won’t be available on the Coinbase.com or its mobile app until further announcement.

As per the official Coinbase blog post on Tuesday, February 25, the XRP token was available for trading on the Pro platform. The exchange noted that initially it will allow XRP trading on Coinbase Pro platforms in the U.S. (except New York) UK, supported European Union member nations, Canada, Singapore, and Australia. The exchange, however, assured to extend its services to other jurisdictions in the later stage.

Furthermore, the Coinbase Pro platform allows to trade XRP against fiats like USD and EUR or the Bitcoin (BTC) crypto token.

The XRP crypto token runs on the XRP distributed ledger that facilitates global currency exchange and remittances. The XRP ledger is a peer-to-peer network wherein the token holders can send each other payments instantly. While leveraging the power of blockchain technology, the XRP token can be useful to send cross-border payments in the underlying fiat currencies instantly and at low cost.

Thus, the XRP acts as a bridge for transactions involving different currencies like the USD, EUR, Francs, Japanese Yen, and others.

Despite the official announcement coming from the company the addition of XRP might violates the listing rules of Coinbase. According to Coinbase’s Digital Asset Framework, any company should have a minority stake for ownership of the digital asset. This doesn’t hold true for Ripple as the company holds 60% stake in the escrow account.

However, the news of XRP listing on Coinbase Pro has certainly brought fresh liquidity for XRP. The price of XRP surged 10% on Wednesday as per the charts on WorldCoinIndex. On Wednesday, XRP made an high of $0.34. At the press time, it is trading at $0.32 with a market cap of $13.38 billion.