Unlike most of the cryptocurrencies, XRP supply is controlled by its promoters.

On February 26th, Diar, in its weekly report, specified that the San Francisco-headquartered exchange has violated the listing guidelines mentioned in its “Digital Asset Framework”. According to the listing rules, “the ownership stake retained by the team” should be “a minority stake”, however, in case of Ripple, 60 percent of the token supply is still controlled by the organization.

Coinbase Pro announced the addition of XRP to its offerings on February 25th which in turn boosted the market price of the coin as it surged 10 percent in a 24-hour time span. The surge was significant as the coin was trading flat for while and no other developments were available to boost the prices.

A Spike, but Not a Steady Growth

The coin, however, could not hold its bullish position and soon dropped 3 percent from the 7-day peak and is currently trading at $0.319, as per Coinmarketcap.com’s data.

Coinbase Pro is the “professional” trading platform of the United States leading crypto exchange and wallet platform Coinbase. The platform is offering XRP trading services to its clients based in the US, Canada, the European Union, the United Kingdom, Singapore, and Australia. It is also planning to expand the services to other countries as well.

Though XRP is one of the most promising crypto projects in the decade-old industry, it has attracted a lot of criticisms in recent years. Blockchain analytics firm Messari, last month in a report, alleged XRP for overvaluation of its market capitalization by $6 billion. The report detailed that the token’s liquid circulating supply could be overestimated by 48 percent, which has set the market cap of the coin at $13 billion instead of the “actual” $6.9 billion.