Coinbase Pro Lists XRP, 5% Price Spike Adds Over $1B to Ripple’s Market Cap

It’s been a long time coming, but the XRP token has finally been listed on Coinbase Pro, which is seen as a gateway to listing on Coinbase’s platform for consumer users. The exchange made the announcement via a blog post, and unsurprisingly, it has sent the crypto world into a frenzy, noticeably leading to a spike in XRP price.

The XRP token will be paired against the US Dollar (USD), the Euro (EUR) and Bitcoin (BTC), and began trading yesterday.

Like previous additions, the exchange has allowed deposits from up to 12 hours before the trading launch to establish liquidity, and full trading will only be available after the initial transfer-only, post-only and limit-only modes in the order book.

The blog post says of the Ripple token:

XRP is the cryptocurrency used by the XRP ledger, which supports international currency exchange and remittances. The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.

For the moment, the token will only be available for trading in the US (excluding New York), UK, Canada, Singapore, Australia and supported EU member nations. As has been the case in the past, additional jurisdictions could be added when deemed appropriate.

Investors have been wondering for a while when Coinbase would list Ripple, a notable absence from its token listing. Coinbase consumer users can expect the token to be listed on the platform a few weeks from now, which has been the typical timeline for listing on the consumer platform after the Coinbase Pro listing.

The XRP token is currently trading at $0.32/0.00008 BTC, slightly higher than it had started off earlier this month. Ripple and Ethereum have been tussling with each other for the second largest market cap, with Ethereum recently retaking the position.