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In good news for Ripple and Shiba on Coinbase, the exchange is adding more support for Ripple (XRP) and Shiba Inu (SHIB). However, Shiba Ino traders will have to wait until May 30 to take advantage of the new offer.
Coinbase activated trading services for XRP in New York state, which coincided with a brief price jump to $0.53 before correcting to around $0.51.
The company will also expand its offerings by introducing perpetual futures contracts for SHIB, BONK and FLOKI.
According to a digital currency report, the leading exchange based in the United States – Coinbase – has recently allowed trading services with native Ripple token – XRP – for users in New York. Residents of the region can log in to buy, sell, convert, send, receive or store assets through the Coinbase iOS and Android apps.
The announcement likely led to a brief spike in XRP price, which crossed the $0.53 mark. However, the trend reversed in the following hours and the asset fell along with the rest of the market after the ETH ETF news.
Coinbase initially accepted XRP in early 2019, opening up trading services to all users except those based in the UK and New York state. However, it delisted the asset shortly after the US Securities and Exchange Commission (SEC) filed a complaint against Ripple in December 2020.
Last summer, the company made another U-turn and re-listed XRP after its first partial court victory against the regulator. At the time, Judge Torres ruled that Ripple’s planned sale to secondary trading platforms did not constitute an offer of investment contracts.
Other famous cryptocurrency exchanges that introduced XRP trading services to customers at that time include Kraken, Gemini, Crypto.com, Bitstem, etc.
In addition to adding XRP-specific features, the company will dive deeper into the meme coin segment. It supports leading assets of this type, such as SHIB, BONK, and FLOKI, by launching perpetual futures contracts 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These options will be available to users from May 30.
Futures contracts are a type of derivative product in the cryptocurrency market that allow traders to speculate on future price changes of certain digital assets without owning them.
These products have special features: they have no expiration date, offer high leverage, and require users to maintain a certain margin level to keep their positions open.
