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Coinbase Launches XRP Trading in New York, Price Promptly Explodes 20%

Last Updated March 4, 2021 2:31 PM
Ben Brown
Last Updated March 4, 2021 2:31 PM

By CCN.com: Coinbase has expanded its exchange platform to support XRP trading in New York.

In a tweet on Monday, the cryptocurrency exchange confirmed that New York state residents can now buy, sell, convert, send, receive, or store XRP online  or via the Coinbase apps.

XRP, the cryptocurrency associated with Ripple, is up 20 percent on the news. 

A Long Wait for XRP on Coinbase

It’s been a long time coming for many XRP holders. Rumors of a Coinbase listing first circulated back in late 2017, but concerns over the crypto’s regulatory status meant a listing didn’t materialize until 2019. 

Coinbase first added XRP to its Coinbase Pro platform in early 2019. In the weeks following, the crypto was added to its online retail exchange, but with restrictions in New York and the UK. As of Monday, the full New York roll-out is now complete.

Coinbase has ramped up the number of tradable assets on its platform over the last twelve months. It now supports bitcoin, bitcoin cash, bitcoin SV, ethereum, ethereum classic, litecoin, stellar lumens, XRP, basic attention token, REP, zcash, 0x, as well as others on its Coinbase Pro offering. 

XRP Shoots up 20%

XRP is trading 20 percent higher intraday, pushing the third-largest cryptocurrency’s market capitalization beyond $16 billion. Currently trading at $0.38, the cryptocurrency’s spike is outperforming the rest of the market with bitcoin up 13 percent and ethereum up 9 percent.

XRP 24 hour price chart
XRP price explodes after Coinbase facilitates trading for New York customers. Source: CoinMarketCap

The price is also bolstered by news yesterday that Germany’s second-largest stock exchange has approved an XRP exchange-traded note (ETN). The move will allow German investors to get easy exposure to XRP and other cryptocurrencies.

As CCN.com reports, however, the surge puts the crypto token into dangerously overbought territory. With a Relative Strength Index (RSI) now above 70, a correction to the downside is a strong possibility.

The Worst Performing Cryptocurrency in 2019?

Despite today’s surge and a slew of strong fundamentals, XRP has failed to capitalize on the broader crypto resurgence this year.

With just 6 percent gains year-to-date, it remains one of the year’s worst-performing digital assets. Only Stellar Lumens has performed worse in the top ten this year. In contrast, bitcoin has chalked up 112 percent while Binance Coin has surged 295 percent.