Coinbase Pro Lists Ripple’s XRP
Coinbase Pro has finally unveiled their plans to list the long-awaited XRP, the token associated with the payments firm Ripple. To be clear guys, this is Coinbase Pro, Coinbase's professional trading platform (formerly known as GDAX). The news was announced by Coinbase Pro via a tweet just a few hours ago. The company also released further information concerning the XRP listing in their Coinbase Blog.
Now let's dive into the details. So support for the XRP token will be available for Coinbase Pro Users in the US (excluding New York), UK, Supported European Union member nations, Canada, Singapore, and Australia. According to their blog, additional jurisdictions may be added at a later date.
Now, there will be four different stages concerning the launch. The organization will be updating its users and followers via their Coinbase Pro Twitter account, as it moves through each phase.
The first phase is a transfer-only phase. Now after 10 am February 25th, customers can transfer XRP into their Coinbase Pro account. They cannot place an order, and no orders will be filled on these order books. The order books will be in a transfer-only mode for at least 12 hours. The second stage is the post-only. In this stage, customers can post limit orders, but there will be no matches (completed order). Order books will be in a post-only mode for a minimum of one minute. The third stage is the limit-only stage. Here limit orders will start matching, but customers are unable to submit market orders. Order books will be in a limit-only mode for a minimum of ten minutes. And finally the final stage, which is full trading. Full trading services will be available which includes limit, market, and stop orders. Coinbase Pro will follow each of these stages independently for each new order book, and if at any given time the new order books do not meet their assessment for a healthy market they may keep the book in a specific state or suspend trading.
It's fantastic to see that Coinbase has finally added the long-awaited XRP token. Finance Magnates even reported that when Coinbase, the popular US exchange-listed the XRP token, XRP saw a significant increase in the trading volume of XRP and a large price spike.
At the time of writing, Ripple has gained 8.1% over the last 24 hours and is currently worth 33 cents with a market cap of 13.5 billion dollars and a 24-hour volume of 1 billion dollars.
I believe it's excellent of Coinbase to add XRP. Over the past few months, Coinbase Pro has been very active when it comes to adding new tokens on the platform. In August 2018, it added support for Ethereum Classic (ETC), which was then followed by the Basic Attention Token (BAT), and privacy-oriented altcoin ZCash (ZEC) in November. Now, a Coinbase listing can have a lot of impact on a token's performance.
The BlockCrypto even went as far as to say that a Coinbase listing is a holy grail for different token projects, especially since Coinbase is one of the largest markets in terms of retail clients, often giving newly listed tokens a short term price bump as we can see here with XRP.
While this is excellent news to kick-off a Tuesday, there are many questions concerning XRP's connection to Ripple and the possibility that it may still be considered a security. Insiders noted that the decision concerning XRP's regulatory status was highly debated. The disagreement is around the constant debate over the degree to which the token is centralized, as well as the degree to which Ripple was involved in the creation of the token. The CEO of Ripple, Brad Garlinghouse argues that it is not a security and has hired a strong legal team to back up that claim.
So what are your thoughts on this situation guys?
Are you excited to see XRP's listing on Coinbase Pro?
And do you think that XRP is a currency or security?
Let me know what you guys think in the comments below.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.