Since its inception in 2012, Ripple XRP has taken the world by storm. Boasting to have the most advanced blockchain technology ever, it ensures a decentralized and transparent cross-border payment platform. As of October 2018, it has a market capitalization of over $21 billion USD! This has grabbed the attention of many exchange marketplaces for cryptocurrencies, and Coinbase is one of the most popular exchange marketplaces for cryptocurrencies. It is also the market leader in the case for exchange of cryptocurrencies, but they have refused to add Ripple XRP to their platform. This has led to many people wondering, when are we going to find Coinbase Ripple?
There are many speculations on this topic; however, there has been some official announcements on implementing the high potential Ripple XRP into the Coinbase marketplace. This has led to many more speculations, controversies and other national headlines for many people.
Ripple’s thoughts about getting listed in Coinbase
In the modern time, Coinbase is one of the most trusted and highly secure cryptocurrency marketplaces. It covers up approximately 15% of the market share of the cryptoverse, making it the second largest exchange platform in the whole world. What makes Coinbase better is that it covers a vast number of western countries – exactly what Ripple needs!
As for Ripple, they need to make their digital assets (XRP) liquid and volatile to enable faster and cheaper global payments. To do this, they’ve reached out to Coinbase stating that they’d give out a loan of XRPs worth of $100 million USD for the users to start trading these assets. It was said, Coinbase can repay the loan by cash or by the same worth of XRPs (which would’ve increased in valuation by that time). Ripple also offered a payment of $1 million USD to Coinbase to accept the trade of Ripple XRPs.
Apart from Coinbase, they even tried to buy their way into Gemini. Ripple offered a payment of $1 million USD to Gemini if they started to trade Ripple XRPs in their systems. This led to many controversies.
How to buy Ripple with Coinbase account?
If you’re a Ripple XRP fan and want to buy Ripple on Coinbase, you sure will find no such options. Coinbase doesn’t exchange Ripple XRP, but you can easily acquire Coinbase Ripple XRP if you know what to do.
To buy Coinbase Ripple, you should at first open a Binance account. This is another exchange platform similar to Coinbase, but it has incorporated Ripple XRP into their platform. Upon opening the account on Binance, you can easily send the Bitcoin or Ethereum from your Coinbase wallet to your Binance account. This is very simple and will require only a few minutes to complete. When you add the Bitcoin or Ethereum to your Binance account. You can exchange the cryptocurrencies for Ripple XRPs. But you should do a bit of research on the Ripple XRP price before you purchase it. Because the XRP price tends to shift very often.
Probable causes for Ripple not getting listed in Coinbase
Having the third largest market share, Ripple’s XRP is a cryptocurrency with tremendous value. It enables fast and cheap global payment, just within seconds! This proves the potential of this digital asset, which justifies why exchange marketplaces like Coinbase and Gemini should start implementing the Ripple XRP into their systems as well. This, however, is not the case.
Denounced as ‘bankers coin’ by crypto experts but loved by the supporters and bankers, the Ripple has divided the crypto community into two. Even though its high potential, it has not been registered by the U.S. Exchanges. Two of the largest fiat-crypto gateways Coinbase and Gemini have declined to list the token, which puts the cryptocurrency’s legitimacy into doubt. There are certain reasons why exchange marketplaces such as Coinbase and Gemini have not accepted the digital assets. Let us now know why the Coinbase Ripple XRP is not being sanctioned.
Currently, there are 100 billion Ripple XRPs in circulation (this is the max cap), out of which 55 billion Ripple XRPs are owned by Ripple Labs. This indicates that the decentralized system is not achieved as the producing company owns 55% of the total number of coins in circulation. This made Ripple an imposter – representing the same centralized system but packaged as a cryptocurrency.
As for the CEO of Ripple Labs Inc., the main reason he stated for acquiring 55% of the total supply was for ‘maintaining a stable supply’ of Ripple XRP. This was, however heavily criticized by the cryptocurrency experts.
The point of having cryptocurrencies is to create a decentralized system where the data are passed onto each block of users without any middleman involved. As for Ripple Labs Inc., they own 55% of the total Ripple XRPs existing in the market. This imbalance the decentralized system.
In addition to that, all of the data in the blockchain passes through the data center at Ripple Labs Inc., meaning that the company is able to store and use all of your data for future use. This is, however, against the moral of the decentralized ecosystem.
… Still, there’s some hope for Ripple XRP lovers!
Although there has been so hype lately with Ripple being desperate to get into Coinbase and Gemini, things are not going as Ripple would have expected. But there’s still hope for the supporters of Ripple XRP!
According to Investopedia, Ripple may still be added to Coinbase but the Ripple XRP supporters have to wait till 2019 to get an official announcement.
Coinbase has recently been working on expanding their space, and they’ve officially announced that the huge demand for their services has led them to expand their office space by 6 times! That’s quite a huge number! Speculations are, this is the primary reason why Coinbase is not focusing on other cryptocurrencies (for now).
There is another theory. When Bitcoin Cash came in Coinbase, people started to convert all of their Bitcoins to cash. They wanted to buy the cheap Bitcoin Cash. This caused a huge cash flow shortage in Coinbase. This may be another reason why Coinbase has no interest in adding Ripple XRPs to their platform.
Ripple XRP has been on an upward trend recently, and have a high potential of replacing the slow and costly global transactions. They have taken the world by a storm, and are proving why their value in the global arena. Although the growth rate has been stable, Ripple requires worldwide acceptance. For this reason, Ripple XRP will come in the top exchange platforms for cryptocurrencies to be available to the global market. For Ripple, things have not gone quite the way they’ve planned.
Coinbase, the world’s top exchange platform for the cryptocurrency, along with Gemini, has rejected the proposal of adding Ripple XRP into their systems. Even though they offered their remunerations. ‘Incompatible ideologies’ and ‘centralized ecosystem’ were the reason for the rejection of the proposals.
This, however, doesn’t disregard the high potential of Ripple XRPs. They’ve already made global transactions a lot faster, easier and inexpensive. This is why in the near future top exchange platforms will accept this. And they will be available to the broader audience. So that Ripple Labs Inc. can achieve their goal – towards cheap and fast global transactions.