Coinbase Adds Further Support for Ripple (XRP) and Shiba Inu (SHIB): Details

TL;DR

• Coinbase enabled trading services for XRP in the state of New York, coinciding with a brief price spike to $0.53 before correcting to around $0.51.
• The company will also expand its offerings by introducing perpetual futures contracts for Shiba Inu (SHIB), Bonk Inu (BONK), and Floki Inu (FLOKI).

‘Exciting News’ for Some XRP Traders

The leading US-based cryptocurrency exchange – Coinbase – recently allowed trading services with Ripple’s native token – XRP – for New York users. Residents of the region can log in to buy, sell, convert, send, receive, or store the asset via the Coinbase iOS and Android applications.

📢 Exciting news for our New York users! XRP (XRP) is now available to NY residents on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps. pic.twitter.com/Nbnqr6BphE

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) May 23, 2024

The announcement perhaps led to a brief spike in XRP’s price, which surpassed the $0.53 mark. However, the trend reversed in the following hours, and the asset retraced alongside the rest of the market on the ETH ETF news.

Coinbase initially embraced XRP at the start of 2019, opening trading services for all users apart from those based in the United Kingdom and the state of New York. However, it delisted the asset shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020.

Last summer, the company made another u-turn, relisting XRP following the company’s first partial court win against the regulator. Back then, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts.

Other well-known cryptocurrency exchanges that introduced XRP trading services to clients around that time include Kraken, Gemini, Crypto.com, Bitstam, and more.

Coinbase’s Pro-SHIB Move

Besides adding certain features regarding XRP, the company will dive deeper into the meme coin sector. It will add support for leading assets of that type, such as Shiba Inu (SHIB), Bonk Inu (BONK), and Floki Inu (FLOKI), by launching 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP perpetual futures contracts. The options will be available for users starting May 30.

Perpetual futures contracts are a type of derivative product in the cryptocurrency market that allows traders to speculate on the future price movements of certain digital assets without owning them. 

Those products have certain specifics: they do not have an expiration date, offer high leverage, and require users to maintain a certain margin level to keep their positions open.