XRP Breaches Listing Rules for Getting Listed in Coinbase

Ripple cryptocurrency has had a great couple of days recently as they joined Coinbase. There was a big announcement made by Coinbase which excited the Ripple community since the Pro version of Coinbase included XRP platform.

When the Coinbase Pro consisting of XRP enlisted in it would be launched it would initially reach to the people of Singapore, US, Australia, Canada, and the UK as well as European Union’s supporting countries. The pairs that can be traded on Coinbase Pro are XRP/USD, XRP/BTC, and XRP/EUR.

However, all this excitement was no more when it was reported that some of the listing rules of Coinbase were being violated by XRP. It might seem like due to all the limelight XRP has been in, there might be negative reports about it, but this violation was reported by Diar which is a researching frim for blockchain.

The Pro version of digital currency platform has an additional feature that supports the altcoins. However, it was reported on February 26th that the rules that need to be fulfilled in order to get listed in Coinbase’s platform were violated by XRP.

The rule that was broken as per Diar is that there is a rule in Digital Asset Framework which states, “The ownership stake retained by the team is a minority stake.” However, about 60% of the supply is held by Ripple in escrow with a release schedule.

When it was announced that XRP had been listed in Coinbase platform, its price gushed, and the market capitalization of the crypto asset also gushed by more than $1 billion in just about one hour.

But all the reports about violation will bring XRP value down. About 31 possible candidates’ tokens listing was released by Coinbase in December and all they were listed on Coinbase exchange. In February last week, it witnessed the very first inclusion of 2019.

Upon announcement about the listing in Coinbase Pro XRP swiftly reacted to the announcement following which coin became very famous and reached $0.337 as per CoinMarketCap. But the coin slowly reduced after being high the entire week and became $0.341.

The Diar said that in spite of all this attention it is getting, Coinbase has relinquished its own rules in order to potentially enlist a cryptocurrency in their platform. There was a report published claiming that the market cap of XRP might get more value than it actually has and reach up to $6 billion.

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About author
Jill Fortner is a professional news writer with background in IT and finance. She contributes in-depth news articles on world's leading cryptocurrencies. She has contributed to number of news sites till now. Recently, she joined us as a full time crypto news writer. In addition to writing, she loves to interview leading players of crypto industry.

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