As a seasoned crypto investor with a fair amount of experience under my belt, I find the recent developments at Coinbase both intriguing and potentially profitable. The exchange’s decision to enable XRP trading for New York residents coincided with a brief price surge, which is always an exciting prospect. Although the price eventually corrected, it’s important to note that such announcements can have a significant impact on token prices, especially when it comes to assets like XRP that have had their fair share of regulatory ups and downs.
TL;DR
- Coinbase enabled trading services for XRP in the state of New York, coinciding with a brief price spike to $0.53 before correcting to around $0.51.
The company will also expand its offerings by introducing perpetual futures contracts for Shiba Inu (SHIB), Bonk Inu (BONK), and Floki Inu (FLOKI).
‘Exciting News’ for Some XRP Traders
Coinbase, the prominent US cryptocurrency exchange, has recently enabled trading services for New York users with Ripple‘s native token XRP. Now, residents in this region have the ability to buy, sell, swap, send, receive, or hold this asset through the Coinbase iOS and Android apps.
Delightful announcement for our New York clientele! Starting today, you can now access and trade XRP (XRP) directly on the Coinbase iOS and Android applications if you’re a resident of New York.
— Coinbase Assets (@CoinbaseAssets) May 23, 2024
The announcement perhaps led to a brief spike in XRP’s price, which surpassed the $0.53 mark. However, the trend reversed in the following hours, and the asset retraced alongside the rest of the market on the ETH ETF news.
As a researcher studying the evolution of digital asset trading platforms, I’ve discovered that Coinbase initially welcomed XRP into its roster at the beginning of 2019. This meant enabling trading services for users worldwide, excluding those residing in the United Kingdom and New York. However, following the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple in late December 2020, Coinbase chose to delist the asset from its platform.
Last summer, the company reversed its decision and started listing XRP again, following a partial victory in court against the regulatory body. Previously, Judge Torres had decided that Ripple’s sales of XRP to secondary markets for trading did not equate to offers of investment contracts.
At approximately the same period, other notable cryptocurrency platforms such as Kraken, Gemini, Crypto.com, and Bitstamp started offering XRP trading to their users.
Coinbase’s Pro-SHIB Move
The company intends to expand its offerings beyond XRP enhancements. It plans to delve into the meme coin market by providing support for popular assets like Shiba Inu (SHIB), Bonk Inu (BONK), and Floki Inu (FLOKI). This will be achieved through the introduction of perpetual futures contracts named 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. Users can start trading these options from May 30.
In simpler terms, perpetual futures contracts enable traders to bet on the price direction of specific cryptocurrencies without having to actually possess those assets.
Those products have certain specifics: they do not have an expiration date, offer high leverage, and require users to maintain a certain margin level to keep their positions open.
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2024-05-24 14:04