Can You Buy XRP on Coinbase? A Complete Guide for 2024

XRP Investment

Cryptocurrency enthusiasts often wonder whether they can buy XRP on Coinbase, one of the most popular exchanges in the world. XRP, the native token of Ripple, has long been a hot topic in the crypto space due to its unique use case in cross-border payments and its controversies with regulatory authorities. If you’ve been asking, “Can I buy XRP on Coinbase?”, this article will clarify everything you need to know.

Let’s dive into whether Coinbase XRP trading is currently available, what led to its delisting, and how to explore alternatives if it’s not.

Outline of the Article

  1. What is XRP and Why is it Popular?
  2. What is Coinbase and Why Choose it?
  3. History of XRP on Coinbase
    • 3.1 When XRP Was First Listed on Coinbase
    • 3.2 Why XRP Was Delisted from Coinbase
  4. Can I Buy XRP on Coinbase in 2024?
    • 4.1 Current Status of XRP on Coinbase
  5. How to Check if XRP is Available on Coinbase
  6. Alternatives to Buy XRP if Coinbase Doesn’t Support It
  7. Step-by-Step Guide to Buying XRP on Other Platforms
  8. Storing Your XRP Safely
  9. Why Did Coinbase Stop Supporting XRP?
  10. Is XRP Coming Back to Coinbase?
  11. What to Consider Before Investing in XRP
  12. Pros and Cons of Buying XRP
  13. XRP’s Current Market Position and Updates
  14. FAQs About Buying XRP on Coinbase
  15. Final Thoughts on Buying XRP

What is XRP and Why is it Popular?

XRP is the cryptocurrency designed to facilitate fast, low-cost international payments. Created by Ripple Labs, XRP’s main goal is to revolutionize cross-border financial transactions. Unlike traditional cryptocurrencies such as Bitcoin, XRP operates on RippleNet, which is a payment protocol used by financial institutions to transfer money globally.

The coin is highly regarded for its speed (transactions settle in seconds), scalability, and low transaction costs. These features make XRP particularly appealing to banks and financial institutions.

What is Coinbase and Why Choose it?

Coinbase is one of the world’s leading cryptocurrency exchanges. Known for its user-friendly interface, high security, and extensive support for cryptocurrencies, Coinbase is often the go-to choice for beginners and experienced traders alike. Features like mobile apps, staking options, and robust customer support make Coinbase a preferred platform.

If you’re considering buying XRP, Coinbase would seem like an obvious choice—if it supports the asset.

History of XRP on Coinbase

When XRP Was First Listed on Coinbase

Coinbase first listed XRP in February 2019. This event was celebrated by XRP enthusiasts as it allowed one of the largest U.S.-based exchanges to facilitate XRP trades. XRP was available for trading on Coinbase Pro initially and later on Coinbase’s main platform.

Why XRP Was Delisted from Coinbase

In December 2020, the SEC (U.S. Securities and Exchange Commission) filed a lawsuit against Ripple Labs, alleging that XRP was an unregistered security. Following this legal controversy, Coinbase suspended XRP trading in January 2021 to comply with U.S. regulations.

Can I Buy XRP on Coinbase in 2024?

Current Status of XRP on Coinbase

As of 2024, XRP is not available for trading on Coinbase due to ongoing regulatory concerns. Despite XRP’s partial victory in the SEC lawsuit in mid-2023, Coinbase has not yet reinstated XRP on its platform. However, this could change in the future if regulatory clarity improves.

If you’re wondering, “Can I buy XRP on Coinbase?”, the answer right now is no, but it’s worth keeping an eye on Coinbase’s announcements for updates.

How to Check if XRP is Available on Coinbase

If you’re unsure whether XRP is supported on Coinbase, here’s how you can check:

  1. Visit the Coinbase Website or App: Log into your Coinbase account.
  2. Search for XRP: Use the search bar to look for XRP.
  3. Check Availability: If XRP appears with an option to trade or buy, it’s available. If it says “Asset not supported,” XRP is not listed on Coinbase.

Alternatives to Buy XRP if Coinbase Doesn’t Support It

If XRP is not available on Coinbase, you can explore the following platforms that do support XRP trading:

  1. Binance
    Binance is a globally recognized platform that supports XRP trading in multiple trading pairs.
  2. Kraken
    Kraken offers XRP trading and has a strong reputation for security and reliability.
  3. Bitstamp
    Bitstamp has long been associated with Ripple and offers seamless XRP trading.
  4. KuCoin
    KuCoin is another user-friendly exchange where you can buy XRP.

Step-by-Step Guide to Buying XRP on Other Platforms

Here’s a simple guide to buying XRP if it’s unavailable on Coinbase:

  1. Sign Up for an Alternative Exchange: Choose a platform like Binance, Kraken, or Bitstamp and create an account.
  2. Complete KYC Verification: Provide identity documents to comply with regulations.
  3. Deposit Funds: Add fiat currency or cryptocurrency to your account.
  4. Search for XRP: Locate XRP in the list of tradable assets.
  5. Buy XRP: Place a market or limit order to purchase XRP.

Storing Your XRP Safely

Once you’ve purchased XRP, storing it securely is crucial. Here are your options:

  • Hardware Wallets: Devices like Ledger Nano X are considered the safest option for long-term storage.
  • Software Wallets: Apps like Trust Wallet and Atomic Wallet are good for managing XRP on the go.
  • Exchange Wallets: While convenient, storing XRP on exchanges is less secure than personal wallets.

Why Did Coinbase Stop Supporting XRP?

Coinbase suspended XRP trading to avoid regulatory risks due to the SEC’s lawsuit. The platform cited the need for compliance with U.S. securities laws as the primary reason for delisting XRP.

Is XRP Coming Back to Coinbase?

The possibility of XRP returning to Coinbase depends on the resolution of regulatory uncertainties. Following Ripple’s legal victories, there’s hope among the community that Coinbase may relist XRP, but there’s no official confirmation yet.

What to Consider Before Investing in XRP

  • Regulatory Risks: XRP’s legal status in the U.S. remains uncertain.
  • Volatility: Like all cryptocurrencies, XRP’s price can fluctuate significantly.
  • Use Case: Evaluate XRP’s utility in the financial sector.

Pros and Cons of Buying XRP

Pros

  • Fast and cost-efficient transactions.
  • Strong partnerships with financial institutions.
  • Potential for future growth if regulatory clarity improves.

Cons

  • Ongoing legal issues.
  • Not widely available on U.S.-based exchanges.

XRP’s Current Market Position and Updates

As of 2024, XRP remains one of the top cryptocurrencies by market capitalization. Its adoption continues to grow internationally, particularly outside the U.S., where regulatory hurdles are less prominent.

FAQs About Buying XRP on Coinbase

  1. Can I buy XRP on Coinbase in 2024?
    No, XRP is currently not available on Coinbase.
  2. Why isn’t XRP on Coinbase?
    Coinbase suspended XRP trading due to the SEC lawsuit against Ripple Labs.
  3. Will Coinbase relist XRP?
    While there’s speculation, Coinbase has not confirmed plans to relist XRP.
  4. What are alternatives to Coinbase for buying XRP?
    You can use Binance, Kraken, Bitstamp, or KuCoin to buy XRP.
  5. Is XRP a good investment?
    XRP has potential, but it carries risks due to regulatory challenges.

Final Thoughts on Buying XRP

While Coinbase currently doesn’t support XRP trading, there are numerous other platforms where you can purchase the cryptocurrency. Keep an eye on updates from Coinbase and the Ripple-SEC case, as these could influence XRP’s availability on major exchanges like Coinbase.

If you’re considering buying XRP, always do thorough research and use secure wallets to protect your investments.

 

Hari
Hari

Hariom Patidar has been working in digital marketing for 3 years. He loves using online tools to make great campaigns for businesses. Hariom is really good at what he does and has helped many companies get more people to know about them online. When he’s not busy with work, Hariom likes to learn about new things in marketing.