Coinbase XRP looked cheap on Nov. 2 despite identical market value
Summary
A reported 0.16% Coinbase discount in XRP on Nov. 2 largely reflected USDT trading below $1, rather than a meaningful difference in XRP’s dollar price. Adjusting Binance’s XRP/USDT quote using Coinbase’s USDT/USD rate reduces the closing gap to about 0.006%; a matched one-minute comparison likewise shifts the median gap from -0.128% to +0.006%. The adjustment does not establish why USDT was below parity or prove executable arbitrage. Small residuals may be affected by spreads, fees, rounding and differences in exchange data. A persistent adjusted discount, alongside heavier seller-initiated trading, would offer stronger evidence of weaker Coinbase demand.
