The Ripple (XRP) and Coinbase listing debate has taken the better of 2018 and it appears it is still a big no from the prestigious exchange for one of the most popular Altcoins. The coin has been doing well at the current market standards. Despite getting the big fish for its partners, the no-list nightmare still persists.
XRP has all the qualities any exchange die for; it is the third largest cryptocurrency, has three key use case products already trending in the market and listed o all major crypto exchanges across the globe apart from the US based ones. So, why is it not getting a nod from Coinbase? Let’s find out the reasons.
Market Standards for Coinbase and XRP Incentives
It is no doubt that all cryptocurrency stake holders are in it for profits and XRP volumes speak for themselves when it come to exchange profits. The Coinbase value is determined by the amount of business it handles at any given time and XRP can be a strategic contributor. However, insiders argue that the exchange has its own standards.
Ripple has gone a step further to give the exchange some form of incentive to facilitate for its listing. Although giving incentives is legitimized in decentralized economies, the offer was turned down by Coinbase. Crypto verse players seem to have been reading from a different script and started judging Ripple from the action and interpreting the motive negatively.
Ripple (XRP) has been turned down by Coinbase and Gemini exchanges despite incentivizing them. This could be one of the reasons that the two want to remain clean in the market to attract investor confidence and user trust. All top five coins are on Coinbase leaving XRP which is placed third globally in the cold.
Coinbase Market Outrange in XRP Support
XRP supporters are an outraged lot especially after Coinbase opting for Ethereum Classic listing and ignoring Ripple. The move has been seen as some under hand dealings to frustrate the Ripple outfit. The exchange response to this is that they list coins that are secure and safe which to many crypto followers does not add up.
However Coinbase has its own “rulebook” and Ripple (XRP) has not the threshold of their standards. The book lists what it considers before listing any coin or token. However, the “rulebook” has been in the public domain and the ETC listing timing did not need the SEC note for Coinbase to add Ethereum Classic.
What XRP must do to get Coinbase Nod?
Coinbase has nothing to lose by declining XRP listing. However, XRP needs the exchange visibility for it to continue growing and adding on its global fan base. It is up to the coin to comply with what Coinbase stands for and start reaping the benefits before it is too late.
Coinbase have a standard listing framework that applies to all coins and currency and Ripple need to relook at the requirement. That is the only way it can enjoy the prestigious exchange status. Nothing comes easy especially you re the beneficiary in business.
Cooling the XRP Fan Temperature
Coinbase has stated that they are not adding new coins and tokens to their platform and in the event that they want to, they will announce the same through the right channels. This seems to have made the raging debate ease off for now.
It is now up to Ripple to prove to the exchange and the fans that XRP is offers safety and security on its platform. Secondly, the need to prove that the platform is not centralized and there is no third parties behind the coin.
Ripple (XRP) Market Outlook
The price of Ripple (XRP) has never stayed above the $1 mark and this could be Coinbase fear and could be a contributor to their current hard stance. However, the coin is stable compared to many that are already on the exchange. When there are huge market drops, XRP absorbs the volatility and registers marginal drops.
At the time of reporting, the price of XRP stood at $0.432973 after a 24 hour drop of 5.73% against the green buck and 1.6% to BTC. During the same period, a total of $237.5million worth of XRP changed hands. This is the volume Coinbase should be focusing on to list this stable coin.