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.
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.
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Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.