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XRP’s apparent discount on Coinbase narrowed from 0.168% to 0.006% on Nov. 2 after converting Binance’s Tether (USDT) quote into U.S. dollars, according to an analysis of exchange price data. The adjustment separates the effect of the quote currency from the actual difference in XRP prices between the two venues.
The finding addresses a report by user Arab Chain on CryptoQuant, who cited an XRP Coinbase Premium Index reading of approximately -0.16% on Nov. 2. Arab Chain described the figure as an eight-month low and interpreted it as a sign of relatively weaker demand for XRP on Coinbase. The post also noted that the index alone did not provide definitive evidence of continued downside pressure.
Methodology for Currency Adjustment
The analysis relies on completed daily candles from Nov. 2, which showed Coinbase XRP/USD at $1.2481, Binance XRP/USDT at 1.2502 USDT, and Coinbase USDT/USD at $0.99838. To compare the prices accurately, the adjustment multiplies Binance’s XRP price by the dollar price of USDT before comparing it to Coinbase’s direct USD quote. The calculation is expressed as: 100 × [Coinbase XRP/USD ÷ (Binance XRP/USDT × USDT/USD) − 1].
This method uses Coinbase’s USDT/USD market as the reference for conversion. The analysis clarifies that this is a venue-specific price rather than a universal redemption rate or an explanation for why USDT traded below one dollar. In this comparison, negative values indicate that Coinbase was cheaper, while positive values indicate it was more expensive.
Across seven completed UTC daily observations, the adjustment narrowed the discount but did not eliminate it entirely on every day. On Oct. 30 and Oct. 31, the adjusted discounts remained at approximately 0.066% and 0.078%, respectively. These residual discounts limit any conclusion of universal price parity between the two exchanges.
Intraday Data and Liquidity Context
A separate check using 60 matched one-minute buckets from Nov. 2, between 12:00 and 12:59 UTC, showed a median raw gap of -0.128%. After dollar adjustment, the median gap shifted to approximately +0.006%, indicating a small premium on Coinbase during that specific window. The data combined Coinbase XRP/USD, Binance XRP/USDT, and Coinbase USDT/USD prices.
By Nov. 3, XRP was trading near $1.28. Around 13:15 UTC, Coinbase’s ticker reported a last trade of $1.276, which was above the Nov. 2 close of $1.2481. At the same time, Binance’s rolling ticker showed 1.2780 USDT.
The analysis notes that a relative-demand warning would be more persuasive if a discount persisted after currency conversion alongside heavier seller-initiated XRP trading over equivalent time windows. The measurement described is not an executable arbitrage test. Coinbase defines candle closes as the last trade within each bucket, while Binance uses matching time intervals. Rounding, bid-ask spreads, fees, and venue differences are significant factors when the residual gap is this small.
An August 2025 XRP liquidity study found that prices remained closely aligned across Binance and Coinbase, even as trading activity was concentrated in different quote currencies. The study highlighted that price consistency does not guarantee equally accessible liquidity, as traders may face different execution costs and slippage during market stress. On the Nov. 2 closing observations, the unadjusted gap substantially overstated the remaining dollar-price difference.
Frequently Asked Questions
How much did the XRP discount shrink after USDT conversion?
The discount shrank from 0.168% to 0.006% on Nov. 2 after converting Binance’s USDT quote to dollars.
What was the XRP price on Coinbase on Nov. 2?
Coinbase XRP/USD closed at $1.2481 on Nov. 2.
