A few hours ago, XRP was listed on the regular Coinbase and the corresponding iOS and Android apps. The announcement comes only 3 days after XRP was listed on Coinbase Pro. The digital asset is now available for customers to buy, sell, convert, send, receive or store it in their Coinbase accounts. The initial availability of XRP will be restricted to residents of the United Kingdom and the state of New York. The tweet by the exchange making the announcement can be found below.
Little Effect on the Price of XRP
Further checking the crypto markets, XRP is currently valued at $0.316 and has gained 0.85% in the last 24 hours. Given that the digital asset was made available to retail investors only a few hours ago, we can conclude that its listing on the regular Coinbase and mobile apps had little to no effect on the value of the remittance coin.
In an earlier piece, Ethereum World News had explored the possibility of the famous ‘Coinbase Effect’ fading. Back in 2017 and 2018, any coin that was listed on the exchange would experience tremendous gains in the crypto markets due to the excitement surrounding such an event. A Coinbase listing was considered the holy grail for any project that wanted their coin or token to have considerable investor interest that would guarantee the infamous Moon Landing.
However, the lack of XRP exhibiting any gains with the addition on Coinbase can be attributed to few reasons. Firstly, the 13 month wait to list the digital asset might have created a situation of investor fatigue. Secondly, the bear market is still in full swing although many have prophesied that it has bottomed out. Thirdly, is the possibility that XRP will eventually react to the news of being available on the top American exchange of Coinbase. It is only a matter of time before it starts heading to higher values.
What Next for XRP in the Markets?
The listing on Coinbase was part of a list of events that many XRP investors had been hoping for since late 2017. Recently, the XRP community managed to convince the team at Binance to add XRP as a base currency. There is also SBI’s VCTRADE platform that is scheduled to start accepting new user registration in the coming month. Also to add is that xRapid is gaining traction with multiple financial service providers across the globe. It is simply a matter of time before XRP lives up to its full potential as a remittance coin. XRP’s utility will definitely affect its value in a positive way.
What do you think is next for XRP in the crypto markets? Will adoption of the remittance coin fuel a rally up? Please let us know in the comment section below.
[Feature image courtesy of Unsplash.com]
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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