The price of Ripple and the closely connected XRP coin could be set to spike thanks to a recent listing on Coinbase. One of the world’s largest and most influential crypto exchanges, US-based Coinbase made the surprise announcement on February 25. In posting the news on its official blog post, Coinbase Exchange noted that it will initially be available for professional traders in select countries.
“XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date,” reads the February 25 post.
XRP Finally Joins the Elite
Once XRP has established itself on Coinbase Pro (formerly GDAX), the asset will be listed on its retail site, simply known as Coinbase. When that happens, it will be available for general consumers, including low-level investors, alongside Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).
For Coinbase, the addition of a top three cryptocurrency is nothing particularly unique. After starting with Bitcoin, the exchange has added the strongest tokens, as its userbase has grown to 4.3 million+. Now active in 32 countries, Coinbase boasts an international demographic, one that has been calling for an XRP listing for many months.
However, what is interesting about the recent announcement are previous comments about XRP by Coinbase co-founder Brian Armstrong. Although made back in 2015, Armstrong was among those who believed certain altcoins were unnecessary and hampering the progress of Bitcoin.
“Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on bitcoin and sidechains,” Armstrong tweeted in 2015.
Now Could be the Time for Ripple to Shine
XRP now available on Coinbase Pro
The backwards movement of Bitcoin and the emergence of other tokens since 2017 has likely changed his views since then. Indeed, of all the cryptos on the market, XRP is regarded as the one with the most utility. Thanks to relationships with major financial institutions such as Santander, the coin has not only grown in popularity but its mainstream applications have increased. By offering a more efficient way to process cross-border transactions, Ripple and XRP are on the cusp of revolutionising the banking industry.
For that fact alone, XRP has become a hot commodity for crypto traders. Now, with Coinbase giving more people the chance to trade the coin, the Ripple price charts could be set to soar. Naturally, any pump will likely level off once the initial hype subsides. However, history has shown that Coinbase has a tendency to bolster the fortunes of an asset. For example, prior to its December 2017 listing on Coinbase, BCH was riding the boom and sitting around the $600/£450 mark. Once it went live on the US exchange, the price shot up over $3,000/£2,255.
Although the market as a whole is less buoyant than it was back in 2017, the upside could be just as impressive once XRP finds its way from Coinbase Pro and onto the company’s retail platform.
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