XRP enthusiasts can trade XRP on Coinbase Pro following the addition of Ripple support. Coinbase users can now deposit XRP on their wallets to start trading on the platform.
The availability of XRP pairs ensures that Coinbase Pro users are able to leverage on intra-market dynamics where Digital Tokens are in a continuous fluctuation against each other and hence ideal for strategic investment.
It is important to note that Coinbase Pro is a professional trading platform with unique tools such as charts and indicators that can allow users to forecast price movements and trade optimally.
Certain User-Driven Conditions Have To Be Met For Full Trading To Commence
XRP holders using Coinbase were expected from the beginning of the week to start depositing XRP on their Coinbase wallets to establish a Ripple portfolio on the platform. The window period for inbound depositing was 12 hours which has since lapsed.
Therefore, all Coinbase Pro users can trade on available XRP pairs such as XRP/BTC, XRP/EUR, and XRP/USD. However, before Coinbase allows full trading, the exchange’s metrics for a sustainable and healthy market pairing has to be met.
Regional Support Information
Support for XRP trading on Coinbase Pro will be available in select jurisdictions such as the UK, all US states except New York, the EU, Canada, Singapore, and Australia. The exchange is set to add more countries at an undisclosed later date.
The reason why the service is not available in all countries is because of different laws where some are restrictive of Crypto trading while some encourage Digital Token transactions. Additionally, most countries are developing Crypto regulation policies and the uncertainty is also prohibitive.
XRP Is An Ideal Remittance Token
XRP is the Token used by Ripple Ledger which supports cross border remittances and currency exchange. The network is powered by an ecosystem of peer-to-peer servers that are managed by RippleNet.
All peer accounts can receive, send or store XRP. The Token can then be converted to Fiat money for easy and decentralized transfers. Hence, Coinbase Pro will allow XRP to serve as a bridge currency that offers liquidity between Francs, Euros, Japanese yen, US dollars, as well as BTC. Additionally, it will be an ideal Token of trading as it often fluctuates against other Cryptocurrencies.
This listing comes amid a federal lawsuit that alleges that XRP is a security issued by Ripple but Ripple CEO Brad Garlinghouse has rejected the assertion and vowed to prove otherwise in court.
XRP Price Performance
According to Coinmarketcap data, XRP is the second largest altcoin at a market cap of $13,323,167,568 behind ETH’s $14,523,000,992. The price of the Token has surged by over 4% in the last 24 hours to stand at $0.322083. The volume has also grown sharply from less than $700,000 in the middle of last week to today’s $1,254,365,558.
In fact, XRP is more bullish in the last 24 hours than all the top 50 Cryptos with the exception of Bitcoin Cash at 7%, Basic Attention Token at 23%, and ICON at 9%. This might be because of Coinbase Pro listing.