XRP, the token that has divided the crypto community since its inception some six years ago, finally got what it has been craving for almost that entire length of time – a listing on Coinbase. The announcement was made yesterday via a tongue-in-cheek from Coinbase who referenced the constant badgering XRP fans give the platform anytime they post anything on social media. The news prompted a swift 10% rise in the price of XRP, before it slumped again a short time later.
When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh
— Coinbase Pro (@CoinbasePro) February 25, 2019
Mixed Reaction
The reaction was, as expected, mixed. XRP fans were naturally overjoyed at the news, despite many having adopted a ‘you need us more than we need you’ mindset in recent weeks to cope with the continued absence of the token on the platform. Anyone who has spent any time in the crypto space in the last few years cannot fail to have missed the gnashing of teeth and protestations from XRP supporters anytime another coin got listed on the popular platform, and many were finally glad to be able to get their moment in the sun.
Its about time! The best Digital Asset is finally about to be on Coinbase!
— Mark Cerelli (@marcus3426) February 25, 2019
Thanks for listening to your customers (FINALLY!!!!)
— ?KingSolomon? (@XRP_OWL) February 25, 2019
On the other side of the fence, there were an equal number of people who openly mocked the token and its followers for what they perceived to be a muted reaction to the long-awaited news, as well as the impact the listing might actually have.
Is this really all you have $XRP #xrparmy community?
11% Pump after the Coinbase listing you’ve been *begging* for since as far back as I can remember.
ELEVEN PERCENT?!?! I figured you guys would be dumping your mortgages into it now. pic.twitter.com/MZ9YA4lyrH
— Josh McGruff (@JoshMcGruff) February 25, 2019
Don’t worry $XRP army. You’re going to love the Coinbase effect
Just ask $ETC bagholders pic.twitter.com/moGjjoHdLO
— Josh Rager ? (@Josh_Rager) February 26, 2019
XRP Not a Security?
The addition of XRP to Coinbase suggested to many that it could now no longer be considered a security, an issue that is going through courts at the moment. Although, it’s not clear how this assumption has been arrived at given that Coinbase is not connected to regulators in any way. Indeed, others suggested that Coinbase was simply trying to increase their trading volume by adding a much-requested token and would deal with any ramifications months down the line, by which point they would have made money off the trading of the token.
Insider Trading Claims Return
Accusations of insider trading, aimed at Coinbase more than XRP, again raised their heads, with some suggesting that a spike in buying volume that occurred only 2.5 hours before the announcement showed that those with knowledge of the listing quickly bought up tokens ahead of the anticipated pump. This is not the first accusation of insider trading that Coinbase has faced, as similar accusations were made in 2017 when Coinbase listed Bitcoin Cash that resulted in an internal investigation. Such activity is illegal in traditional trading but seems to be par for the course in crypto.
Still, insider trading isn’t something that will be concerning XRP fans who were no doubt dressed from head to toe in their Ripple swag and toasting their success last night. We’re sure that they will now be waiting with bated breath for the XRP option to pop up on their iPhone apps in an unequivocal symbol of victory over… someone.
