Coinbase Pro is adding support for Ripple’s XRP token, which will be fully tradable after the platform establishes sufficient liquidity.
Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, is adding support for Ripple’s XRP token. Coinbase announced the development in an official blog post on Feb. 25.
Per the announcement Coinbase Pro will now accept deposits of XRP for a minimum of 12 hours before enabling full trading. Coinbase notes that it will first establish sufficient liquidity on the platform, opening trading pairs in U.S. dollars, euro and Bitcoin (BTC) in phases.
Full trading of XRP will be available to customers in the U.S., Canada, the European Union, the United Kingdom, Singapore and Australia. Coinbase may expand its services to other countries at a later time.
XRP trading will go through four stages, which include “transfer-only,” “post-only,” “limit-only,” and “full trading. The first two stages will enable users to transfer XRP to Coinbase Pro accounts and post limit orders, the subsequent two will allow customers to match limit orders and fully trade with XRP.
Over the past several months, Coinbase Pro has been actively expanding its catalogue of tokens supported on the platform. In August 2018, it added support for Ethereum Classic (ETC), followed the the Basic Attention Token (BAT) and privacy oriented altcoin Zcash (ZEC) in November. Support for the aforementioned tokens was later expanded to Coinbase’s retail platform Coinbase.com and its mobile app.
The addition of XRP to Coinbase has been long-awaited by the crypto community. In January 2018, Coinbase CEO Brian Armstrong quashed rumors that the exchange was added support for XRP in the short term. Following Armstrong’s announcement, the market value of XRP crashed from from over $148 billion to $126 billion.
At press time, the token is trading at $0.338, up over 11 percent on the day and 5.4 percent on the week according to data from CoinMarketCap.