Third largest cryptocurrency by market capitalization, Ripple's XRP is up by almost 5% in the past 24 hours after major exchange Coinbase Pro announced it will launch XRP trading.
According to Coinbase “After 10 am on February 25, 2019, we will begin accepting inbound transfers of XRP to Coinbase Pro.”
According to the Coinbase blog, XRP/fiat pairs will be available in several jurisdictions initially. These include non-New York US states, Canada, Singapore, Australia, the UK, and several other European countries. Coinbase’s decision to add XRP seems to have spurred trading.
Coinbase raised speculation about listing XRP last December when it released a post stating that it was exploring the listing of Ripple’s XRP alongside thirty other cryptocurrencies as part of its new token listing drive. Coinbase began accepting deposits of XRP for at least 12 hours to give it a headstart so there will adequate liquidity before enabling full trading. It noted that it will open trading pairs in phases which will include pairs for Bitcoin (XRP/BTC) and fiat pairs including U.S. dollars (XRP/USD), and euro (XRP/EUR).
The listing will take place in four stages. The first is ongoing at press time, with users able to make deposits of XRP. After that, for a “minimum of one minute,” only post type orders can be placed. Next, orders will begin to be executed by Coinbase. This will go on for at least ten minutes, and then full market trading will be enabled – meaning customers can make all the same types of trades they can with other cryptos on Coinbase Pro.
Coinbase, the owner of Coinbase Pro that is aimed at active and professional traders, is yet to announce when XRP will be available on Coinbase.com that targets less sophisticated investors and traders.