According to a February 25th blog post, Coinbase Pro users are now able to purchase and sell Ripple’s XRP on the platform. Support for the XRP token will initially be available for users in the United States (except for New York), the United Kingdom, Canada, supported E.U. member nations, Singapore, and Australia – with additional jurisdictions being added at a later date. As of 10am on February 25th, 2019, Coinbase Pro is accepting inbound transfers of XRP to the platform, with trading on XRP/USD, XRP/EUR, and XRP/BTC order books going live once a sufficient supply of XRP is established.
Coinbase’s blog post outlines four stages for the XRP launch, noting that if at any point one of the new order books fails to meet their assessment for an orderly and healthy market, they may keep the book in a single state for an extended period of time. Let’s take a look at the four stages:
- Transfer-only: Starting at 10am Pacific Time on February 25th, Coinbase Pro customers are able to transfer XRP into their Coinbase Pro Account.
- Post-only: In its second stage, Coinbase Pro users can post limit orders (without matches), with orders in post-only mode for a minimum of one minute.
- Limit-only: In the third stage, limit orders will begin matching, however customers will be unable to submit market orders.
- Full trading: In the final stage, Coinbase Pro users will enjoy full trading services, including limit, market, and stop orders.
While there has been much debate in the crypto (and legal) community about the nature of the XRP token (whether it should be classified as a security or not), an individual familiar with Coinbase’s internal structure noted that the company is prepared to support the asset in whichever way it is classified by regulators.
Coinbase’s Concentrated Push Towards a Healthy Crypto Catalogue
Coinbase Pro’s most recent rollout of XRP is no surprise, considering over the last few months, they’ve made an active push to expand its catalogue of supported tokens on the platform – having added Ethereum Classic ($ETC), Basic Attention Token ($BAT), and privacy token Zcash ($ZEC) all in late 2018. Furthermore, users are now able to withdraw their once locked up Bitcoin Satoshi Vision (BSV) from Coinbase as of mid-February 2019.
While there is no established timeline of when Coinbase’s retail platforms (ex. Coinbase.com) will be launching their support for XRP, it has generally been practice to launch support for amateur HODL’ers and users within several weeks post-Coinbase Pro support.
At the time of publish Ripple’s price currently sits at USD $0.32, or 8336 Satoshis, with a market capitalization of just over $13 billion.
Coinbase concluded their blog post with “One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.”
Let us know in the comments which tokens and altcoins you’d like to see listed on Coinbase!
If you’re looking for an easy-to-use cryptocurrency trading platform, head on over to the Coinbase Pro website to sign up. You can also find more information about XRP in their FAQ here. Finally, don’t forget to follow our cryptocurrency blog for the latest updates!