As mentioned in the Daily Overview, the Coinbase crypto market has now opened trading in Ripple XRP to residents of the State of New York.
Via Twitter, the company announced that New York customers can now buy, sell, switch, send and receive via Coinbase Ripple XRP. This is possible through the Coinbase.com website or the company's iOS and Android app.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now buy, sell, convert, send, receive, store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https: //t.co/5VE1WklrWo pic.twitter .com / Zp5odgaoHs
– Coinbase (@coinbase) May 13, 2019
Ripple XRP on the up
Following the announcement, Ripple XRP's share price rose 31 percent. At the time of going to press, the coin was still above $ 0.44. It is also possible that the increase will be fueled by the Bitcoin Rally.
Coinbase had already listed Ripple XRP for all small investor platforms in February. However, individuals in the United Kingdom and New York State were exempt from trade.
The list of Coinbase-supported cryptocurrencies has grown steadily. Currently, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Ethereum Classic (ETC) are listed there. Also quoted are Litecoin (LTC), USD Coin (USDC), Zcash (ZEC), Basic Attention Token (BAT) and others.
Ripple XRP's price has been relatively steady at $ 0.30 previously and has not really participated in Bitcoin's upswing in the past two weeks. Some market observers were concerned that Ripple's own cryptocurrency XRP is still underutilized by banks. The more a cryptocurrency is actually used, the higher its so-called “utility value”. This will have network effects that should help the course.
The Importance of Network Effects
Bitcoin, for example, was the first cryptocurrency and is now seen by more and more investors as a store of value. Often the comparison with gold is used as a store of value. Proponents are of the opinion that Bitcoin offers many advantages over gold in this capacity. For example, Bitcoin is easier to store because you do not need a physical surface for it. In addition, the use of Bitcoin as a means of payment or as a medium of exchange is easier, since it can be relatively easily sent to someone else.
With Ripple XRP and many other cryptocurrencies, the utility or utility value for course support will become very important in the future. If more and more banks decide to use Ripple solutions for money transfer and thus XRP, the demand for these coins on the crypto exchanges is steadily increasing. This happens because the bank has to hold a certain number of XRP coins in order to carry out a money transfer. This should then also increase the XRP price. In the past two years, the crypto industry, and especially Ripple, has made strong progress here. From the initially still esoteric-looking visions of the founders, some of them have already become reality. The future will remain exciting!
– Display –
Bitcoin, Ripple XRP and other crypto currencies have posted strong price gains in recent years. If you also want to know how to invest in cryptocurrencies, read our instructions here .
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-boerse-coinbase-started-in-new-york-handel-mit-ripple-xrp-kurs-explodiert-um-31-ueber- night-to-date-044-usd /
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.
We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It is also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.