Breaking: XRP Is Not In Line With Coinbase’s Listing Rules

Ripple’s XRP was found to be in violation of one of Coinbase’s listing rules, despite being added to the exchange’s professional offering on February 25. The violation was discovered by blockchain research company Diar on February 26, after extensive research into the matter.

According to Diar, Coinbase’s “Digital Asset Framework” states that in order for a coin to be listed on the exchange the ownership stake in the company retained by its team has to remain a minority stake. The company found that Ripple holds around 60 percent of the supply in escrow with a release schedule.

Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, has added support for Ripple’s XRP token just a day before the report was published.

XRP trading was initially only supposed to be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. However, Coinbase added that additional jurisdictions may be added at a later date.

While the addition of XRP to its platform has been met with positive reviews, it is just the latest out of many additions the exchange has made in the past months. Back in August 2018, Coinbase Pro added support for Ethereum Classic (ETC), followed the Basic Attention Token (BAT) and privacy-oriented altcoin Zcash (ZEC) in November.

The news about the listing had an overwhelmingly positive effect on the coin, too. XRP turned out to be one of the biggest winners of the day, CoinMarketCap data showed, reaching $0.337 following a gradual decline from the weekly high of around $0.341 less than a week earlier.

However, news about the potential violation of Coinbase’s listing rules affected XRP’s value, with the coin seeing a decrease by 2.48 percent over the day, and is trading around $0.319 at press time.

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