- Coinbase has listed three new altcoins for futures trading. However, XRP still seems to be overlooked.
- The XRP community has become unhappy about the snub, pointing to XRP’s strong market position.
- The ongoing SEC lawsuit against Ripple has most likely influenced Coinbase’s decision to exclude it.
Coinbase, the leading American cryptocurrency exchange, has recently added altcoins to its platform. The latest additions, however, have caused a stir within the XRP community.
XRP Missing from Coinbase’s New Futures Offering
While Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) were announced for futures trading, XRP, a major player in the cryptocurrency world, was noticeably absent. This news sparked disappointment and controversy among XRP enthusiasts.
Lawyer Bill Morgan, a vocal advocate for XRP, highlighted Coinbase’s lack of support for the currency. “Coinbase has never specifically supported XRP,” Morgan stated, quoting a tweet from Fox reporter Eleanor Terrett who pointed out the exchange’s decision to prioritize other cryptocurrencies for futures trading despite XRP’s established market position.
The XRP community further fueled the debate by emphasizing XRP’s ranking. Currently, at number 6 in market value, XRP boasts a significant user base. However, DOGE, BCH, and LTC hold numbers 9, 17, and 20 spots, respectively, raising questions about Coinbase’s listing criteria.
SEC Lawsuit Clouds Over XRP
This is not the first time Coinbase’s stance on XRP has drawn criticism. The ongoing lawsuit between the SEC and Ripple Labs, the company behind XRP, has cast a shadow over the currency. While the legal battle continues, some speculate it may influence Coinbase’s decision-making process.
The controversy highlights the complex relationship between cryptocurrency exchanges and the communities they serve. While Coinbase has the right to curate its offerings, the decision to prioritize certain altcoins over others can significantly impact investor sentiment and project perception.
On the Flipside
- The SEC lawsuit against Ripple Labs is ongoing. Coinbase might be cautious about adding XRP to futures trading while the regulatory landscape remains unclear.
- There’s a possibility that XRP futures trading is being planned for a future date and not permanently excluded.
Why This Matters
Coinbase’s exclusion of XRP from its futures market, despite its established position and user base compared to other listed altcoins, raises questions about the exchange’s listing criteria and potentially signals a continued wariness surrounding XRP due to the ongoing SEC lawsuit against Ripple Labs.
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While the future of XRP is uncertain due to the ongoing lawsuit, technical analysis suggests a potential surge is on the horizon. Read about it here:
XRP Tied to 100% Gains Post Halving: These Factors Will Decide
To learn more about what analysts are saying about recent whale moves and their impact on SHIB, read here:
Coinbase Whale Moves SHIB in the Billions on Market Drawdown
