Ripple (XRP) Gains Over 30% As Coinbase Opens XRP Trading For New York Residents

15. May 2019 Posted by Akolkar B on News

While Bitcoin (BTC) has been hogging all the limelight over the last few days, Ripple (XRP) is seen making silent moves. In the last 36 hours, XRP price has gone up by nearly 30% is a swift move.

At the press time, Ripple (XRP) is trading at $0.42 with a market cap of $18 billion, as per our data on WorldCoinIndex. Among other altcoins, Ripple (XRP) has been a late participant in the cryptocurrency market rally which started since April 2019.

The latest surge in the XRP price comes after Coinbase announced to start XRP trading on its platform, although it is currently limited only to the New York Residents. The entry of XRP on one of the world’s biggest crypto-trading platforms is likely to provide a massive liquidity-boost to the world’s third-largest cryptocurrency.

The official announcement reads: “XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on http://Coinbase.com  or using our iOS and Android apps”.

Earlier this year in February 2019, Coinbase added XRP to its professional trading platform Coinbase Pro. Later, the company added the crypto-token for retail player but excluded UK and New York residents due to some regulatory constraints.

As we can see in the seven-day chart for XRP, the crypto token made a sharp surge after the Coinbase announcement on Tuesday, May 14. It is for the first time after November 2018, that XRP is trading above $0.40.

Just in the last 48 hours, XRP has added $4.6 billion to its market cap and is currently valued at $18,43 billion.

Besides, the Coinbase New York listing, another big news that has propelled the XRP price is that Germany’s second biggest stock exchange Börse Stuttgart has approved the listing of XRP exchange-traded-notes (ETNs). This is the first-of-its-kind crypto-ETN launch taking place in Germany.

ETNs are transparent and regulated investment vehicles allowing investors to invest in different assets.