Coinbase Pro, the US-based Cryptocurrency trading and wallet platform of Coinbase will finally add support for Ripple token – the XRP. Coinbase is one of the biggest Digital Currency exchanges in the world, a Cryptocurrency wallet service and the leading Crypto exchange in North America and Europe. The news was announced in the official Coinbase blog post on 25th of February.
Coinbase Pro will add the following trading pairs: XRP/EUR, XRP/USD and XRP/BTC. These trading pairs are already available for Coinbase Crypto traders, with the possibility for the XRP/ETH trading pair to be added. Coinbase Pro is accepting XRP deposits, with a 12 hours delay before trading is enabled. It’s important for Coinbase and Coinbase Pro to establish enough Ripple liquidity on the platform, so everything can go as smooth as possible.
Coinbase Pro is adding Ripple XRP trading
As of writing this article, XRP is trading for around $0.32 per XRP, but when the news broke out Ripple increased in price by more than 10%. Ripple trading in Coinbase Pro will be available in Canada, the European Union, Singapore, Australia, the United Kingdom and the United States. Coinbase and Coinbase Pro are planning to expand their Ripple trading to other countries too, but at a later time.
Ripple trading in Coinbase Pro will go forward in four stages. The first stage is a transfer-only phase, then a post-only, a limit-only and then the full trading experience. The four stages are important, because the first two will enable users to transfer their Ripple tokens to their Coinbase Pro wallets and make limit orders. The other two will allow Coinbase Pro traders to experience the full trading experience and also to ensure the XRP liquidity on Coinbase.
The Ripple addition to Coinbase Pro has long been speculated and awaited by the Cryptocurrency community. There were rumors in January that Ripple will be added to Coinbase, but the CEO of Coinbase Brian Armstrong denied the rumors. The effects of this announcement was felt back then, because Ripple lost more than 15% of its evaluation following the announcement. Ripple’s market capitalization fell from $147 billion to around $126 billion.
Over the past months, Coinbase Pro has been actively expanding its Cryptocurrency portfolio supported on the platform. In August of 2018, Coinbase Pro added support for Ethereum Classic (ETC) and the Basic Attention Token (BAT). Coinbase Pro also added in November the privacy-based token Zcash (ZEC), with plans for other altcoins to be added soon.
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