Ripple

Coinbase: Clients Can Now Trade XRP

Coinbase Clients Can Now Trade XRP

In a blog post, Coinbase revealed that Coinbase supports XRP at Coinbase.com and in their mobile applications.

XRP gets easier to buy

During the 28th of February, Coinbase released a blog post stating that they added support for XRP on Coinbase and. Customers could buy the crypto right away. In reality, it means that Clients can buy, sell, convert, send, receive and store XRP. However, there is a slight difference compared to other cryptocurrencies since you need a destination tag. The destination tag is mandatory for transactions for cryptocurrencies that use this technology. You must put in a correct destination tag when receiving/depositing these funds into Coinbase.

The digital asset is available for customers around the world, but not initially for residents of the UK and the State of New York.

Ledger Nano S - The secure hardware wallet

The news arrives just two days after the news that XRP would list on Coinbase Pro. While the asset is tradable right away on Coinbase.com, it will take a while longer on Coinbase Pro. The asset will go through a four-step process to make sure that there is enough liquidity for trading.

It just became a lot easier for cryptocurrency investors and enthusiast around the world to buy the asset since it is listed on one of the worlds biggest exchanges, Coinbase, now. For the first time, clients can buy the top three cryptocurrencies on the platform. These are Bitcoin and Ethereum besides from the newly listed XRP.

Recent news on XRP

However, after Coinbase first announcement, the research form Diar reported that XRP broke one of Coinbase’s rules for listing on the platform. In Coinbase Digital Asset Framework they state:

“the ownership stake retained by the team is a minority stake.”

According to Diar, the digital currency violate this requirement since Ripple holds close to 60 per cent of the supply in escrow. Coinbase still proceeds with the listing. The third biggest crypto currently trades around $0,32 and is so far up two per cent on the news, according to Coinmarketcap.com. The market capitalisation for XRP is $13,2 billion. While the news around the digital asset is mostly positive, there are those who are not as enthusiastic about XRP.

About a month ago, the research firm Messari wrote an article, stating that XRP is worth $6,1 billion too much. The company based its analysis on data from cryptocurrency exchanges and third-party cryptocurrency data services. Messari writes:

“XRP’s liquid “circulating supply” and “market cap” could be overstated by 48%, which would put total XRP “market cap” at $6.9 billion vs $13.0 billion widely reported at the current USD-XRP exchange rate.”

As usual, the future will tell how successful XRP becomes.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet