XRP has finally arrived to Coinbase Pro
XRP has officially made its way into Coinbase Pro. Three order books have entered full-trading mode, XRP/USD, XRP/EUR, and XRP/BTC. This includes Limit, market and stop orders. At this stage, users from US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia are allowed to trade on the platform. For users outside of these areas, the service may be added at a later date. XRP’s availability on Coinbase.com or the company’s mobile apps has yet to be announced, and users will have to wait until further announcement.
What is Coinbase and Coinbase Pro?
Coinbase is a digital currency wallet and platform based in San Fransisco, California, and was founded in June 2012. Users consisting of merchants and consumers are able to transact digital currencies such as bitcoin, Ethereum, and Litecoin, etc. While Coinbase serves as the basic exchange for trading cryptocurrencies in exchange for accepted fiat currencies (US, EU, UK, AU, CA, SG), users seeking an advanced trading platform can turn to Coinbase Pro.
Originally founded as GDAX (Global Digital Asset Exchange) in 2016, it was rebranded to Coinbase Pro in May 2018. Coinbase Pro allows users to trade a wider variety of cryptocurrencies on a more technical platform. There are 18 different cryptocurrencies currently being traded on Coinbase Pro, compared to just 10 on Coinbase.
How did Coinbase Pro launch XRP?
On 25 February 2019, Coinbase Pro announced the launch of XRP on its market through its Twitter account. This was followed up by a blog post on “The Coinbase Blog” on 26 February 2019.
The Launch was broken down into 4 phases, the first taking place at 5am 26 February (AEDT). Users were able to transfer XRP into their Coinbase Pro accounts, under a transfer-only mode that was said to last at least 12 hours.
23 hours later at 4am 27 February 2019 (AEDT), the second phase took place. This Post-only period allowed users to post limit orders but there would be no orders being filled.
The third phase allowed the matching of limit orders, but restricted users from submitting market orders. This Limit-only phase lasted for a minimum of 10 minutes.
In the final phase known as the Full trading phase, full trading services have now become available. This includes limit, market, and stop orders.
How has XRP reacted in Australia?
Upon the announcement by Coinbase Pro at 5am 26 February 2019 (AEDT), XRP volume on BTC Markets rose from 83,658 to 334,934 in just one hour. This surge in volume was accompanied by a price spike of 9.55% from $0.4323 to $0.4736.
Volume soon reverted back to 87,535 from 6am-7am, but soon shot back up to 378,298 from 7am-8am. Prices reached a second peak of $0.4639 at 1pm, but trading slowed significantly. A new price range has stabilized between $0.4340 and $0.4548. Prior to the uptake of XRP by Coinbase Pro, prices hovered the $0.4200 range since a big dip from $0.4606 just a day earlier.
With more cryptocurrency trading platforms taking up XRP, will we see higher and higher price ranges to come? Or are we relying on such one-off events to simply prop up prices? All we can safely say is that the word on XRP is spreading.