Yesterday, Coinbase has announced support for XRP on Coinbase Pro with trading pairs XRP/USD, XRP/EUR, and XRP/BTC. Initially, it will be accessible for Coinbase users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia only
In response to this addition, XRP price shot up yesterday over 10 percent and touched $0.337 on Kraken. However, soon after it took a hit and went back to $0.312 level.
XRP price, Source: TradingView
At the time of writing, XRP has been trading at $0.3249 with 24-hours gains of 6.83 percent as per the data provided by Coinmarketcap. The 3rd largest cryptocurrency by a market cap of $13.4 billion has been managing the daily trading volume of $1.2 billion.
Meanwhile, Enjin Coin is today’s highest gainer with about 103 percent increase in price in the past 24-hours and BAT is up by 30 percent. Other altcoins like Loom Network, aelf, ICON, Bitcoin SV, and Steem are rising between the range of 10 to 20 percent.
It has been months that XRP community has been asking Coinbase to add XRP. Last year in June when Coinbase added Ethereum Classic (ETC) that is 18th largest cryptocurrency, XRP enthusiasts had accused Coinbase of being biased towards the digital asset for not adding it.
Now, that XRP has been added, the price didn’t see much action as the weekend’s surge has been more than the Coinbase effect when it went above $0.34 level.
If take a look at the price of ETC after the Coinbase addition, there has been no sustained results as crypto community points out. Pierre Rochard, who is running Bitcoin Advisory says,
“Goes to show that an exchange listing is necessary but not sufficient for increasing liquidity!”
Crypto investor and trader, Josh Rager says,
“Don't worry XRP army. You're going to love the Coinbase effect. Just ask ETC bagholders” while further explaining, “XRP isn't going to dump. But it's not going to mega pump either.”
While Crypto trader Moon Overlord says:
“XRP has been virtually untradable lately, price action is very ugly. Better opportunities and setups on nearly every other major coin.” He further adds, “Slowly bleeds then undoes the entire month in one candle. Price action so much cleaner on other big alts I see no reason to touch this until this stops.”
Meanwhile, XRP enthusiasts believe this is a step towards making XRP legitimate and giving the community assurance that it is not a security:
“This starts to legitimize XRP to a lot of people who saw Coinbase's refusal to list them as evidence that they were a centralized security. Very different situation… this is indeed big news. Don't expect the price to moon off this alone but this is a turning point.”
One crypto enthusiast is long on XRP as he shares,
“I think only 6% on the coinbase listing isn't exactly making sense, it's become too easy to short the post coinbase add event imo… im long for now.” But eToro’s senior analyst, Mati Greenspan says, “Trend change only comes when the market trend changes. Crypto is an extremely correlated asset class.”