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Coinbase XRP looked cheap on Nov. 2 despite identical market value

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Coinbase XRP looked cheap on Nov. 2 despite identical market value

At the Nov. 2 close, an independent comparison narrows XRP’s Coinbase discount from 0.168% to 0.006% after converting USDT into dollars.

XRP’s apparent Coinbase discount at the Nov. 2 close shrinks from about 0.168% to 0.006% when Binance’s Tether (USDT) quote is converted into dollars. The independent exchange-price comparison separates the quote-currency effect from the remaining difference in XRP prices.

The user Arab Chain on CryptoQuant reported an approximately -0.16% XRP Coinbase Premium Index reading on Nov. 2, describing it as an eight-month low and interpreting it as relatively weaker Coinbase demand.

The post also cautioned that the index alone was not definitive evidence of continued downside pressure.

The completed Nov. 2 candles put Coinbase XRP/USD at $1.2481, Binance XRP/USDT at 1.2502 USDT and Coinbase USDT/USD at $0.99838.

The adjustment multiplies Binance’s XRP price by USDT’s dollar price, then compares Coinbase against that converted figure. Expressed as a percentage, the formula is:

This uses Coinbase’s USDT/USD market as the conversion reference. It is a venue price, rather than a universal redemption rate or evidence about why USDT traded below one dollar.

At the November 2 close, the gap shrinks after converting USDT into dollars. October 31 shows why the adjustment does not always leave near parity.

November 2, 2026 UTC close: raw -0.168%; dollar-adjusted -0.006%. The remaining dollar-price gap is close to zero.

October 31, 2026 UTC close: raw -0.200%; dollar-adjusted -0.078%. A residual discount remains after conversion.

Normalize the quote currency first. Then ask whether a remaining venue-price discount persists.


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