The recent Coinbase-Pro listing of Ripple has created a ripple in the market as the blockchain research company Diar pointed out that the exchange has violated its own guidelines by listing the coin.
Last month, Diar in its weekly report specified that the San Francisco based exchange has been in violation with their own listing guidelines. This was mentioned in its “Digital Asset Framework”. The listing rules are as follows:
“the ownership stake retained by the team” should be “a minority stake”. In the case of Ripple it has been noted that 60 percent of the token supply is still controlled by the company.
Coinbase Pro announcement
Coinbase Pro announced the addition of XRP to its product offerings on February 25th. The share price jumped 10% in a 24 hour period. The increase was significant as XRP was trading level for sometime. There had been no other recent developments to boost the prices.
XRP could not hold its bullish position for long and dropped over 3% from the 7 day peak. It is now trading at $0.319. Source Coinmarketcap.com
Coinbase Pro is the professional trading platform of the US’s leading crypto exchange and wallet platform Coinbase. The platform offers XRP trading services to its clients based in the US, Canada, the European Union, Singapore and Australia.
Though XRP is one of the most promising cryptocurrencies but a report has shown that the token’s liquidity could be overestimated by as much as 48%. The market cap of the coin is at $13 billion whilst the actual could only be $6.9 billion. Source: Pete Townsend – Whichbroker.com