Today’s news that XRP will finally be traded on Coinbase’s exchange as caused an unexpected surge in the token’s price.
Data collected by CoinMarketCap shows that XRP’s market cap has surged upwards by more than $2bn by press time. So far the coin’s total value has increased from $12.8bn to $13.9bn in the past hour, a rise of more than $1.1bn.
Coinbase announced the news in a blog post earlier today. Deposits started at 10:00 PT this morning, and will continue for the next 12 hours. Full trading will be enabled at 22:00 later this evening. The first trading pairs will be with Bitcoin (BTC) and the fiat currencies, US dollar and Euro. These will go live once a sufficient supply has been built up on the platform.
The exchange did not say if XRP will become available on the standard Coinbase service, nor did it rule it out. “We will make a separate announcement when that occurs,” they said.
XRP support will initially be confined to Coinbase Pro users in the USA – excluding New York – Canada, the UK, some EU member states, Australia and Singapore.
XRP’s absence from Coinbase has not gone unnoticed. XRP supporters have lobbied the exchange, popular for its crypto-fiat trading pairs, to list the remittance and settlement token for years.
Until the beginning of Q4 2018, Coinbase had a highly-exclusive listing policy. In six years of operation, the exchange had only added five different virtual currencies. In September, the exchange changed its listing policy to expand the number of supported assets, allowing token projects to apply for a listing.
Today’s news has already made something of a ripple in the markets.
The author is invested in digital assets, including BTC which is mentioned in this article.