Coinbase Pro adds Ripple’s XRP to its platform

Coinbase announced yesterday that the controversial cryptocurrency XRP will be added to its Coinbase Pro platform, causing the price of XRP to spike

Coinbase released a Medium post yesterday stating it will be adding Ripple’s XRP to the Coinbase Pro platform.

Ahead of the news, XRPs price jumped 10% to $0.33. It experienced an additional ‘dump’ not long after the news had broke.

XRP is not yet available on or on its mobile apps – Coinbase has stated it will make an additional announcement when XRP is added to those platforms.

XRP is a digital asset used for cross-border payments. It has had a controversial past due to its ties with parent company Ripple.

Ripple is a centralised company, which often brings criticism since it contradicts a core philosophy behind the creation of cryptocurrency (decentralisation). However, XRP still has an incredibly dedicated fan base known as the ‘XRPArmy.’

Coinbase’s decision to add XRP to its platform has caused some commotion. A lot of the controversy surrounding the move is linked to regulation. Currently, regulators are yet to decide whether XRP qualifies as an unregistered security or not.

In the past, Ripple has advocated for the sentiment that XRP is not a security. Either way, Coinbase has gone ahead and listed it on its Coinbase Pro platform anyway.

Coinbase Pro users in the US, UK, Canada, Singapore, Australia, and supported European Union nations will be able to trade with XRP.

Coinbase has stipulated that additional jurisdictions may be included in the future.

10% price jump

Traders and investors witnessed a substantial jump in XRP’s price ahead of the move, with it rising by 10%.

An additional ‘dump’ occurred not long after the news had broke.

Several hours after Coinbase released the news, XRP’s price had risen to $0.33. At the time of writing, XRP is currently trading at $0.32.

At the time of the move, XRP’s market capitalisation rose by roughly $1 billion, according to CoinMarketCap.

Interested in reading more news from Coinbase? Discover more about Coinbase’s new partnership with Neutrino here on Coin Rivet.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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