Micah, a passionate crypto enthusiast, recently drew attention to a significant price difference for XRP between Coinbase and Uphold. Micah noted that there is a two-cent disparity between the two platforms, piquing the interest of cryptocurrency traders who are now considering potential arbitrage opportunities.
Upon analyzing the price differences, it is evident that Coinbase’s chart displays XRP at $0.52, with a slight decrease of 0.30% over the past 24 hours. The chart also reveals a fluctuating price throughout the day, reaching a peak of $0.52 and dipping to $0.51.
On the other hand, Uphold’s chart shows XRP priced at $0.5077, marking a more significant decrease of 2.03%. The highest price recorded on this chart is $0.52004, with a low of $0.50546. This disparity has prompted market experts to delve deeper into the contributing factors.
In response to Micah’s post, crypto researcher Darren explained that Uphold typically integrates multiple exchanges, allowing it to aggregate pricing information from a broader range of sources. This aggregation results in a pricing model that reflects the overall market, considering various factors and fluctuations. In contrast, Coinbase relies on its internal exchange and user base for pricing, leading to a less diversified method.
Darren further asserts that Coinbase’s more contained ecosystem results in pricing influenced by specific trading activities and volume within its environment. He also suggests that the premium observed on Coinbase could be due to accessibility limitations for U.S. citizens, which impact supply and demand dynamics.
For example, in 2021, Coinbase suspended XRP trading in New York due to the SEC’s lawsuit against Ripple, claiming that XRP was an unregistered security. However, after a court decision clarified that XRP is not a security, Coinbase and other U.S. exchanges chose to relist the cryptocurrency. Despite these developments, trading in New York remained suspended until the most recent update, due to strict regulations affecting residents’ access and the supply-and-demand balance.
Despite XRP’s current price stagnation at $0.51, analysts remain optimistic. 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 $66 and CryptoBull foreseeing a surge to $154.
Currently, XRP is trading at $0.5178, reflecting a 0.13% increase over the past 24 hours. Its intraday market capitalization has also grown to $28.714 billion, and the 24-hour trading volume has jumped by 65.62%, reaching $923 million.
Disclaimer: This article provides informational content and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.