Coinbase Allegedly Requested Millions for XRP Listing, Says Ripple’s CTO
We have always followed the principles of transparency and clear information. Some of our content includes affiliate links, and we may earn a small commission through these partnerships. These partnerships do not influence our editorial independence or opinion. By using our site, you accept our privacy policy and terms and conditions.
A presale and tokenomics specialist, Sofia evaluates new crypto projects with the analytical rigor of her Bocconi background. Having reviewed over 200 launches, she excels…
Cryptocurrency is a high-risk asset class, and investing carries significant risk, including the potential loss of some or all of your investment. The information on this website is provided for informational and educational purposes only and does not constitute financial, investment, or gambling advice. Cryptowinx does not endorse any specific exchange or gaming platform. For more details, please read our terms and full disclaimer.
Cryptowinx navigates the digital asset universe with a dynamic, forward-looking vision. Throughout our evolution, we have followed every market cycle, from vertical rises to corrections, always remaining a solid point of reference for our community. Our team is made up of industry experts and analysts who experience the blockchain ecosystem daily: we constantly monitor Bitcoin’s stability, study the expansion of the Ethereum ecosystem, and analyze the new frontiers of crypto casinos. We are committed to absolute editorial integrity, separating the signal from the noise through rigorous fact-checking and multi-perspective news analysis. In a landscape where innovations emerge in moments, our mission is to simplify complex concepts and offer transparency into what is established and what is still experimental.
Learn more Cryptowinx
In a recent development, David Schwartz, the Chief Technology Officer of Ripple, popularly known as JoelKatz, has made an eye-catching assertion regarding Coinbase’s early negotiation tactics for listing XRP. According to Schwartz, Coinbase initially requested a significant payment from Ripple before agreeing to the listing of XRP on its platform.
This revelation has rekindled discussions about the early interactions between the two companies. It also draws attention to the current trading landscape of XRP, where a notable number of traders maintain long positions despite recent market fluctuations.
Schwartz indicated that Ripple and Coinbase faced hurdles in their discussions about the listing due to unsettled terms. Specifically, the disagreement revolved around the request from Coinbase for a large sum of money, which Ripple ultimately refused. The CTO noted that this situation shifted the focus from technical issues to business disagreements during the listing negotiations.
In Schwartz’s public commentary, he recounted that Coinbase’s insistence on a financial commitment was a crucial factor in delaying the listing. This contention has been pivotal in framing the narrative around the XRP listing, indicating that it was more a matter of negotiation than any technical inadequacies.
Moving beyond the listing negotiations, Schwartz also highlighted that once XRP was listed, it quickly became a substantial revenue generator for Coinbase, reportedly accounting for up to 20% of the exchange’s total revenue. This assertion, while not independently verified, suggests that Coinbase recognized the potential of XRP to drive user engagement and trading activity, which could explain the initial reluctance to list it without financial guarantees.
As the trading environment for XRP evolves, recent data suggests that traders are predominantly taking long positions. For instance, the long-short ratio for XRP on Binance stands at 2.655, indicative of a bullish sentiment among traders. This pattern persists despite earlier signs of market pressure, evidenced by the liquidation of long positions resulting in significant financial losses for many traders.
In terms of market dynamics, recent statistics reveal that long traders have been disproportionately affected by liquidations, with $1.49 million recorded in liquidations of long positions within a 24-hour span. This trend underscores the complexities traders face and reflects a cautious optimism in their trading strategies.
Despite these challenges, the overall sentiment remains bullish for XRP, highlighting a potential resilience among traders as they navigate the intricate landscape of cryptocurrency trading. The evolving narrative around the XRP listing and its financial implications continues to shape the market discussions.
Leave the reaction
Sofia Russo
Commentaries
Add your comment
Fill in necessary fields and publish