Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
Share
Coinbase has launched wrapped versions of XRP and Dogecoin, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, opening new cross-chain opportunities for both assets.
Key Takeaways:
- Coinbase launched cbXRP and cbDOGE on Base, minting $7M worth of tokens in 24 hours.
- XRP remains range-bound between $2.17 and $2.28, with traders eyeing a potential breakout.
- Wrapped XRP and DOGE could boost DeFi utility and influence market liquidity.
The U.S.-based exchange confirmed the rollout in a June 5 post on X, after previously hinting at the move last month. Both cbXRP and cbDOGE are backed 1:1 by XRP and DOGE held in Coinbase’s custody.
The move enables these assets to be used across decentralized finance (DeFi) applications on Base.
Coinbase Mints $7M Worth of Wrapped XRP and DOGE in First 24 Hours
Within the first 24 hours, over 2.3 million cbXRP (worth roughly $5 million) and 10.4 million cbDOGE (worth about $1.9 million) were minted, according to Coinbase data.
The launch is part of Coinbase’s broader push to position Base as a leading Layer 2 solution. The chain offers lower fees and faster transactions, making it increasingly attractive for DeFi traders and developers.
The exchange also noted that additional wrapped tokens, cbLTC and cbADA, are in development, with release timelines to follow.
This is Coinbase’s latest expansion of its wrapped token strategy, following the launch of cbBTC in September 2024. That product has grown to a $4.7 billion market cap.
Meanwhile, XRP traders are watching market action closely. The token has traded sideways for more than six months, with analyst Sjuu noting it has consolidated between $2 and $2.60 for roughly 190 days.
Many expect a potential breakout after this prolonged range-bound activity.
“Exactly! Patience pays off — $XRP is just gathering strength for a powerful move,” one X user said.
Dogecoin, which saw renewed interest earlier this year, could also benefit from improved onchain access via Base.
As wrapped XRP and DOGE become more accessible in the DeFi ecosystem, traders will be monitoring whether the added utility could influence liquidity and price momentum.
XRP Holds Above $2.18 Support as Traders Eye Breakout
XRP is currently trading around $2.19 after a prolonged consolidation phase.
The 2-hour chart shows the price stabilizing between $2.17 and $2.28, with Bollinger Bands tightening — typically a precursor to volatility.
RSI on the 2-hour is at 42.30, indicating weak momentum and no clear directional bias. MACD is flat, hovering near the zero line, reflecting the sideways price action seen since mid-May.
Zooming into the 1-hour chart, XRP remains in a slight downtrend from its May peak near $2.60.
Current RSI is 37.74, approaching oversold territory, which could hint at a potential bounce if buyers step in around the $2.17–$2.18 support zone. MACD remains mildly bearish but shows signs of flattening.
On the 1-minute chart, short-term action shows a small recovery off intraday lows, with RSI climbing to 56.21 and MACD flipping slightly positive — suggesting minor bullish momentum in the very near term.
For now, key resistance lies around $2.23–$2.25. A decisive break above this range could open the door for a retest of $2.40. On the downside, if $2.17 fails, XRP could revisit the $2.05–$2.10 zone.
Credit: Source link