US-based cryptocurrency exchange Coinbase announced today that it has added support for Ripple’s XRP token to the company’s professional-grade, insured crypto trading platform, Coinbase Pro.

It’s about damn time.

Those words have been rippling (see what I did there?) through the crypto community ever since Coinbase announced this morning that it had added XRP trading pairs to Coinbase Pro.

When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh — Coinbase Pro (@CoinbasePro) February 25, 2019

Support for XRP/USD, XRP/EUR, and XRP/BTC pairs is now available for users in the US (excluding NY), UK, supported EU member nations, Canada, Singapore, and Australia, with the possible addition of other regions at a later date.

What You Need to Know About Trading XRP on Coinbase Pro

In an announcement published on the exchange’s official blog, Coinbase notes that the rollout of XRP trading will take place in four stages: transfer-only, post-only, limit-only, and full trading.

Transfer-only. Beginning at 10am PST today (1pm EST), this first stage will allow customers to deposit XRP into their Coinbase Pro account. Order books will be in transfer-only mode for at least 12 hours, during which time no orders can be placed or filled. Post-only. Lasting for one minute, the post-only stage will allow customers to place limit orders but not match (complete) them. Limit-only. Limit orders will start matching, but customers will be unable to post market orders. This stage will last for ten minutes. Full trading. In the fourth and final stage, full trading services – including limit, market, and stop orders – will be available for all XRP trading pairs.

Coinbase is reminding customers that the specification of an XRP destination tag is required for all inbound transfers (deposits).

XRP Price Spikes Following Announcement

Less than an hour after Coinbase’s announcement, XRP prices began to climb, gaining nearly 8.5 percent in less than an hour.

The news of XRP’s addition to Coinbase Pro – and the resulting uptick in price – comes as a much-needed bit of relief following the bloodbath this past weekend that saw the crypto market shed close to $13.75 billion in just hours. During that same time, XRP prices fell more than 9.5 percent – from $0.332141 to 0.300248.

At press time, XRP is currently trading at around $0.329036 according to CoinMarketCap.

What are your thoughts on the addition of XRP to Coinbase Pro? Can the current positive price action be sustained? Let us know in the comments below.

Images courtesy of DepositPhotos, CoinMarketCap