The downturn in the prices of the cryptocurrency market did not stop new announcements and updates. One of the most anticipated developments was the addition of XRP on Coinbase which happened over this week, much to the joy of the ‘XRP Army’. Coinbase’s announcement stated,
“After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag.”
Post the reveal, XRP steadily climbed to the top of the charts, holding the 4th position in terms of trading volume on Coinbase. The cryptocurrency exchange witnessed a total trading volume of $67.068 million on the platform, mostly dominated by Bitcoin, Ethereum, Litecoin and XRP trade.
What makes XRP’s climb on the charts so noteworthy however, is that the cryptocurrency beat Bitcoin Cash in terms of trading volume, which occupied $2.069 million compared to XRP’s $4.412 million.
A Twitter user, Lover of All Crypto, stated,
“I’m sure coinbase is pleased that an asses they listed only 4 days ago is already making up 12-14% of their daily trading volume. $”
At the time of writing, XRP was trading at $0.313 on Coinbase Pro with a 6.58% volume occupancy. XRP’s next competition on the Coinbase Pro chart is Litecoin, which saw $9.758 million worth of trading take place on the platform.
The XRP listing on Coinbase has not been one without criticism. One of the main points discussed was that Coinbase abandoned its Digital Asset Framework to list XRP. The Diar report stated,
“The potential addition of XRP has been a contentious topic within the cryptocurrency industry for the possibility of the token being labeled as a security… And as far as the exchange’s own mission of an ‘Open Financial System’ is concerned, the addition of XRP falls in line with the hopes of addressing the remittance market.”
The reason for the speculation was that Ripple holds more than 55 billion XRP in escrow with a release schedule, which was a breach of Coinbase’s Digital Assets Framework.