US-based cryptocurrency exchange giant Coinbase has added support for XRP, colloquially known as ‘Ripple,’ to its retail trading platform and mobile applications. The official announcement of the addition came in a blog post on February 28.
Now, Coinbase users can buy, sell, receive, send, and store XRP on Coinbase’ iOS and Android apps, as well as on Coinbase.com. Initially, Coinbase’ mobile XRP offerings will be available to residents of all of the jurisdictions it offers full XRP trading in except for the United Kingdom and the State of New York.
— Coinbase (@coinbase) February 28, 2019
Rumors of XRP Support on Coinbase Have Been Around for Months
The addition of the assets has many in both the XRP and Coinbase user communities breathing a sigh of “finally.” Rumors that Coinbase would add XRP to its retail platforms have been circulating for months.
The Difference Between Day Trading and Swing Trading in ForexGo to article >>
However, the upward price movement that many seemed to think a Coinbase addition would give XRP hasn’t really come. At press time, the price of XRP had risen only 1.5 percent in the last 24 hours.
The price of XRP was also basically unaffected earlier this week on February 25th when full support for XRP was announced on Coinbase Pro for customers in U.S., Canada, the European Union, the United Kingdom, Singapore, and Australia. Coinbase Pro is Coinbase’ native cryptocurrency exchange.
When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh
— Coinbase Pro (@CoinbasePro) February 25, 2019
However, following the launch of full XRP trading on Coinbase Pro, blockchain research firm Diar published a report claiming that the exchange’s decision to list XRP violates its own listing criteria, known as the Digital Asset Framework.
Indeed, while Coinbase stated that “the ownership stake retained by the [XRP] team is a minority stake,” around 60 percent of XRP is said to be held by Ripple, although the coins are held in escrow with a release schedule.