Breaking: Ripple Leads Crypto Recovery as Coinbase Finally Supports XRP

XRP’s price rose double-digits Monday after U.S. digital currency exchange Coinbase confirmed it will finally support XRP-fiat transactions.

XRP/USD Surges

Ripple’s XRP cryptocurrency, which exceeds all others in market cap except bitcoin and Ethereum, climbed 10.6% to $0.3355. The rally puts the so-called banker’s cryptocurrency in striking distance of a known breakdown area near $0.3500. XRP’s bulls are eyeing a return to this level to keep the momentum alive. On the opposite side of the spectrum, the $0.3000 support is a known area of demand.

Daily trade volumes amounted to $1 billion, according to CoinMarketCap.

XRP was the top performing cryptocurrency on Monday. By comparison, bitcoin was up 2.1%, Ethereum had gained less than 1% and EOS was up a meager 1.6%.

The market cap of all cryptocurrencies improved to $132.3 billion, up from a low near $127 billion on Sunday.

XRP Price Analysis: Ripple’s Partners are Providing Solid Feedback on xRapid

Coinbase Launches XRP Support

Coinbase, a San Francisco-based cryptocurrency exchange, confirmed on Monday that it will now accept inbound transfers of XRP to Coinbase Pro.

“Once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,” Coinbase said in an official blog post.

The company said, “XRP is not yet available on Coinbase.com or via our mobile apps. We will make a separate announcement when that occurs.”

Initial support for XRP will be available to users in the U.S. (excluding New York), U.K., supported European Union member countries, Canada and Australia.

Coinbase is sometimes regarded as the “gold standard” for U.S. cryptocurrency trading because it allows users to purchase their favorite asset instantly using fiat money. Many traders would dispute that claim given the customer service issues that have long dogged the platform.

Despite being the third largest cryptocurrency in the world, XRP had struggled to win its way onto Coinbase and other leading U.S. exchanges. As Hacked previously reported, this may have something to do with the debate over XRP’s security status. As Bloomberg noted last April, Ripple had tried to buy its way onto major exchanges but couldn’t quite cut it.

Further reading: Ripple Strikes Out on Major Exchanges and XRP Bounces Back on Coinbase Listing Speculation.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi