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

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.What the dollar conversion changesThe 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:100 × [Coinbase XRP/USD ÷ (Binance XRP/USDT × USDT/USD) − 1].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.ONE ASSET · TWO QUOTE CURRENCIESCoinbase XRP/USDD...