Coinbase Adds More Support for ripple (XRP) and Shiba Inu (SHIB): Details
TL;DR
- Coinbase activated trading services for XRP in New York state, which coincided with a brief rise in the price to $0.53, followed by a correction to $0.51.
- The company will also expand its offerings by offering perpetual futures contracts for shiba inu (SHIB), bonk Inu (BONK), and Floki Inu (FLOKI).
Leading US-based cryptocurrency exchange – Coinbase – recently allowed Trading services for Ripple‘s native token, XRP, for New York users. residents You can log in to buy, sell, convert, send, receive or store the asset through the Coinbase iOS and Android apps.
The announcement perhaps led to a brief rise in the price of XRP, breaking the $0.53 mark. However, in the following hours, the trend reversed and the asset pulled back along with the rest of the market on ETH ETF news.
XRP Price, Source: CoinGecko
Originally Coinbase embraced XRP will open trading services for all users except users in the United Kingdom and New York state in early 2019. However, the asset was delisted shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020.
Last summer the company made another U-turn, relisting XRP follows the company’s first partial court victory against the regulator. At the time, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms did not constitute an investment contract offer.
Other well-known cryptocurrency exchanges offering XRP trading services to customers at the time included Kraken, GeminiCrypto.com, Bitstam and more.
Coinbase Pro-SHIB Movement
The company will dive deeper into the meme coin industry, as well as adding some XRP-related features. It will to add Support leading assets such as Shiba Inu (SHIB), Bonk Inu (BONK) and Floki Inu (FLOKI) by launching the 1000BONK-PERP, 1000FLOKI-PERP and 1000SHIB-PERP perpetual futures contracts. The options will be available to users starting May 30.
Perpetual futures contracts are a type of derivative product in the cryptocurrency market that allows investors to speculate on the future price movements of certain digital assets without owning them.
These products have certain features: They have no expiration date, offer high leverage, and require users to maintain a certain margin level to keep their positions open.
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