Ripple price (XRP/USD) surges following Coinbase Pro listing announcement

The Ripple price (XRP/USD) has surged following a surprise announcement that the third-largest cryptocurrency would be available for trading on Coinbase.

The largest US digital currency exchange yesterday announced that it was adding support for XRP on its professional trading platform Coinbase Pro. The launch was scheduled to start after 22:00 PT on Monday. As per Coinbase’s process for listing new crypto assets, the launch is currently in a “transfer-only” mode, which allows users only to deposit XRP. As with other launches, the first stage of the XRP listing will take a minimum of 12 hours.

Initially, XRP will be available to Coinbase Pro users in the US (excluding the state of New York), the UK, supported European Union member nations, Canada, Singapore, and Australia. Coinbase may add additional jurisdictions in the future. The company will offer three trading pairs – XRP/USD, XRP/EUR and XRP/BTC.

The Ripple price surged by more than 10% following the announcement. The coin hit an intraday high of $0.337 and eventually closed the session at $0.328, well above its opening price of $0.300. The token also enjoyed a boost in market activity which helped its daily trading volume to surpass $1 billion in a second consecutive trading session.

Today, Ripple made an early attempt to resume its rally, with its price rising to as high as $0.334 during the opening hours of the session. However, the coin has since seen a notable price correction and is currently hovering around the $0.32 mark.

In today’s trading, the Ripple price stood at $0.320, as of 09:26 GMT. The digital coin has gained 5.3% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $13.2 billion.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.