Coinbase has rolled out wrapped versions of popular cryptocurrencies XRP and Dogecoin, branded as cbXRP and cbDOGE, on its Base Layer 2 Ethereum network. This launch paves the way for enhanced cross-chain opportunities for these digital assets.
Key Highlights:
Coinbase has minted $7 million worth of cbXRP and cbDOGE within the first 24 hours of their release.
XRP is currently trading in a range of $2.17 to $2.28, with traders anticipating a potential price breakout.
The introduction of wrapped XRP and DOGE is expected to enhance their utility within the decentralized finance (DeFi) space and impact overall market liquidity.
On June 5, Coinbase confirmed the launch in a post on X, following previous indications of the move last month. Each cbXRP and cbDOGE is backed 1:1 by the actual XRP and DOGE assets held securely in Coinbase’s custody.
This initiative allows users to engage with these assets across various DeFi applications operating on the Base network.
Coinbase Minting $7 Million in Wrapped Tokens Within 24 Hours
Data from Coinbase reveals that in the initial 24-hour period, over 2.3 million cbXRP, valued at approximately $5 million, and 10.4 million cbDOGE, worth around $1.9 million, were minted.
Caution: There are reports of fraudulent entities impersonating cbDOGE and cbXRP. The official Base contract addresses for these tokens are as follows:
cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
— Coinbase Assets (@CoinbaseAssets) June 4, 2025
The launch supports Coinbase’s larger strategy to establish Base as a prominent Layer 2 solution, characterized by reduced transaction fees and expedited processing times, making it appealing to both DeFi traders and developers.
Additionally, Coinbase has indicated that it is working on more wrapped tokens, including cbLTC and cbADA, with future release details to be announced.
This recent development marks a continuation of Coinbase’s expansion in the wrapped token market, following the introduction of cbBTC in September 2024, which has reached a market cap of $4.7 billion.
XRP traders are closely monitoring the market, as the token has experienced sideways trading for over six months. Analyst Sjuu highlights that XRP has been confined within a range of $2 to $2.60 for about 190 days.
Speculation is bubbling regarding a possible breakout following this extended period of consolidation.
“Absolutely! Patience rewards in these situations — $XRP is merely accruing strength for a significant move,” remarked one user on X.
Will $XRP ever break free from this unending range?
Already on the same price for 190 days! It feels like an eternity!
Remember, longer consolidations often lead to stronger breakouts! pic.twitter.com/c6RRccj0vv
— Sjuul | AltCryptoGems (@AltCryptoGems) June 4, 2025
Meanwhile, Dogecoin has regained attention earlier this year, which may also see advantages from the enhanced onchain accessibility provided by Base.
As wrapped versions of XRP and DOGE increase their presence in the DeFi landscape, market participants will be observing whether this added utility translates into enhanced liquidity and positive price movement.
XRP Maintains Support Above $2.18 as Traders Watch for Potential Breakout
Currently, XRP is trading at approximately $2.19 after a lengthy phase of consolidation.
An analysis of the 2-hour chart indicates price stability between $2.17 and $2.28, with Bollinger Bands tightening—a typical precursor to increased volatility.
The Relative Strength Index (RSI) on the 2-hour chart stands at 42.30, suggesting weak momentum and a lack of distinct directional bias. Meanwhile, the Moving Average Convergence Divergence (MACD) remains flat, hovering close to the zero line, mirroring the sideways movements observed since mid-May.
A more granular look at the 1-hour chart reflects a slight downtrend for XRP since its peak of nearly $2.60 in May.
The current RSI measure is at 37.74, nearing oversold conditions, which might indicate a possible rebound if buyer interest emerges around the $2.17–$2.18 support area. Although the MACD leans slightly bearish, it hints at potential stabilization.
The 1-minute chart indicates a minor recovery from intraday lows, with the RSI climbing to 56.21 and the MACD turning slightly positive—suggesting a flicker of bullish momentum in the short term.
Key resistance is noted around the $2.23–$2.25 range. A definitive breakthrough here could lead to a re-examination of the $2.40 level. Conversely, failure to maintain above $2.17 may result in a retreat to the $2.05–$2.10 zone.
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