After months of anticipation, Coinbase Pro finally has announced support for XRP.
In a Coinbase Medium blog release on February 25, the entity announced support for XRP on its Coinbase Pro trading platform. XRP will be open to customers in the U.S. (but not New York), UK, supported European Union member nations, Canada, Australia and Singapore, the blog said.
Coinbase Pro reportedly is now accepting XRP deposits with “an XRP destination tag,” and will begin trading once proper liquidity is reached, the blog stated.
Once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”
The entity also noted it has not listed XRP on Coinbase.com, or its mobile applications yet.
Coinbase explained the four stages it will go through in the XRP listing process.
Transfer-only mode began after 10 a.m. Pacific Time on February 25. There is no active trading or order placing in this phase and “[o]rder books will be in transfer-only mode for at least 12 hours,” Coinbase said.
When post-only mode commences, it will last at least one minute. Users will be able to put in limit orders, but no orders will be filled. Limit-only mode will follow, lasting at least 10 minutes. In this mode, limit orders will execute, but market orders will not yet be open. Full-trading will follow limit-only trading.
XRP listing delayed?
It appears somewhat strange that XRP has taken so long to see listing on Coinbase Pro. Last fall, in October of 2018, Coinbase received approval from New York for custody services for a number of assets, including XRP, according to Crypto Insider. New York, however, is excluded from participating in the new XRP listing, as mentioned in the February 25 Coinbase blog announcement.
At the time of this writing, XRP is up about 7% in price over the past 24 hours on CoinMarketCap.
As usual, crypto participants took to Twitter to express a variety of opinions and sarcasm regarding today’s Coinbase announcement.
Wondering whether XRP is out of the woods in its possible classification as a security, Shillhouse tweeted:
so is coinbase saying that XRP isn't a security? or are they brave?
— Shillhouse (@shillycrypto) February 25, 2019
No – the listing of XRP does not mean Coinbase thinks it’s not a security
— Frank Chaparro (@fintechfrank) February 25, 2019
In a tweet of sarcasm, CryptoDale expressed fake excitement for XRP hitting astrologically high prices in the future:
I can’t wait for xrp trading pairs.
That’s what will propel it from $589/ to $20k+ per!!!
WHAT A TIME TO BE ALIVE!!!!!!!!!!!!!!!!!!!!!!!!!
— DΛLΞ (@CryptoDale) February 25, 2019
Additionally, MoonOverlord tweeted a sigh of relief that the XRP community finally might be satisfied:
Tbh I’m glad $XRP is listed on Coinbase finally so I don’t have to hear about it anymore lol
— Moon Overlord (@MoonOverlord) February 25, 2019
Amidst all the sarcasm, however, are many excited folks in the XRP community:
$XRP – IT'S HAPPENING!!!
— CryptHawk (@CryptHawk) February 25, 2019
*This article contains opinions and sentiment from the author.
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