XRP is currently available for investors on Coinbase.com. The information was released by Coinbase in a blog post on February 28. Additionally, XRP will also be available to retail investors on the Coinbase iOS and Android mobile applications. A few days ago, the firm added support to XRP on its trading platform Coinbase Pro.
Coinbase Adds Support to XRP
Retail investors will now be able to purchase XRP through Coinbase’s website and its mobile apps. This will be providing additional liquidity to the XRP markets and make cryptocurrencies available to a larger number of investors around the world.
When Coinbase announced it was listing XRP, the market reacted in a very positive way. XRP grew 7% in just a few hours, allowing the digital asset to gather attention from investors. Nevertheless, analysts were expecting XRP to grow even more after the announcement.
There were several rumours in the past regarding XRP being added to Coinbase and Coinbase Pro, previously known as GDAX. Coinbase seemed reluctant to add support to XRP due to the fact that there are still some doubts regarding its legal status. Regulatory agencies in the United States do not consider Bitcoin (BTC) and Ethereum (ETH) securities. XRP could be considered a security, which is something that is raising alarms among XRP supporters.
If we have a look at the XRP chart before Coinbase’s announcement, it is possible to see that the digital currency was already trading positively. There were other cryptocurrencies that were operating stably during that period of time. Thus, there might have been some previous insider trading or information leaked.
Coinbase wrote about this new addition:
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the recent announcement of our new listing process, we anticipate listing more assets over time that meet our standards.”
The exchange has been adding support to several new digital assets. During the second half of 2018, the exchange added a large number of coins and trading pairs to its platform. Some of the coins added were Decentrland (MANA) and Loom Network (LOOM). The exchange and platform was hardly criticized since it did not add XRP in the past but it decided to add support to it now. Even though, there is still no clear situation regarding its legal status in the United States.