Micah, a passionate supporter of cryptocurrencies, recently drew attention to a fascinating price difference for XRP between Coinbase and Uphold. Micah pointed out that there is a two-cent gap between the prices on the two platforms, which has piqued the interest of cryptocurrency traders who are now considering the possibility of arbitrage opportunities.
To analyze these price differences, let’s take a look at the charts provided by Coinbase and Uphold. The Coinbase chart shows that XRP is currently priced at $0.52 with a slight decrease of 0.30% in the last 24 hours. Throughout the day, the price of XRP on Coinbase has been fluctuating, reaching a peak of $0.52 and dropping to $0.51.
On the other hand, the Uphold chart displays a price of $0.5077 for XRP, indicating a more significant decrease of 2.03%. The highest price recorded on this chart is $0.52004, while the lowest is $0.50546. This disparity in prices between the two platforms has caught the attention of market experts, who are now investigating the factors contributing to this difference.
In response to Micah’s post, crypto researcher Darren explained that Uphold integrates multiple exchanges, allowing it to aggregate pricing information from a wider range of sources. This aggregation results in a pricing model that reflects the overall market, taking into account various factors and fluctuations. On the other hand, Coinbase relies on its internal exchange and user base for pricing, leading to a less diversified pricing method.
Darren further suggests that Coinbase’s more contained ecosystem can result in pricing influenced by specific trading activities and volume within its environment. Additionally, he mentions that the premium observed on Coinbase may be attributed to accessibility limitations for U.S. citizens, which affects supply and demand dynamics.
For example, in 2021, Coinbase suspended XRP trading in New York due to the SEC’s lawsuit against Ripple, which claimed that XRP was an unregistered security. However, after a court decision in July clarified that XRP is not a security, Coinbase and other U.S. exchanges relisted the cryptocurrency. Despite these developments, trading in New York remained suspended until recently due to strict regulations that restricted residents’ access and affected the supply-and-demand balance.
While XRP currently remains at $0.51, analysts remain optimistic about its future. According to a report from The Crypto Basic, a market analyst has identified a bullish signal for XRP, suggesting a potential rise that could multiply its value by 360 times, reaching $200. Other experts have set lower price targets, with EGRAG aiming for a valuation of $66, anticipating an impending impulsive wave, and CryptoBull foreseeing a dramatic surge to a bold $154.
As of now, XRP is trading at $0.5178, reflecting a 0.13% rise in the past 24 hours. Its intraday market capitalization has also increased to $28.714 billion, and the 24-hour trading volume has jumped by 65.62%, reaching $923 million.
It is important to note that this content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses that may occur.