In an announcement, Coinbase revealed its support for XRP. Initially, it will be available to only the Coinbase pro users in U.S (excluding NY), U.K, Canada, Singapore, Australia and supported European Union member nations.
Currently, XRP trading is not yet available on coinbase.com or on mobile apps. Within few weeks of launching support on Coinbase Pro, the exchange also plans to launch cryptocurrencies for its non-professional users as well.
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
As per the reports, once the sufficient XRP distribution takes place, trading begins. Initially, the trading pair support to XRP/USD, XRP/EUR, and XRP/BTC. Trading is carried in four stages :
Transfer-Only: The stage which is currently active. Customers have a period of 12-hours in which they can transfer XRP to Coinbase Pro. During this phase, it is not possible to place or fill orders.
Post-Only: In this phase, Customers can post limit orders but they will not be matched yet.
Limit-Only: During this phase limit orders will start matching. Customers cannot place market orders.
Full-Trading: In this phase full-trading services are active.
Coinbase Pro will announce the progress of the four stages through its official Twitter account. Coinbase is also planning to anticipate the addition of some more digital currencies over a period of time.
Basically, the XRP can function as a bridge currency in transactions including various currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.
One of the individuals who are familiar with Coinbase’s internal decision-making process said the company may support the asset as classified by regulators. This was in reference to the question of whether XRP qualifies security.
Also Read: Why Vitalik Says Ripple’s XRP Is Better Than Bitcoin?