Coinbase Quells Ripple Rumors as Speculation Over Exchange Listing Grows
Rumors about Ripple’s eventual listing on Coinbase’s GDAX exchange have been circulating for many months, prompting huge speculative interest in the XRP token. On Monday, the San Francisco-based exchange reminded traders that “no decision” any new digital currency has been made.
No Decision on New Cryptocurrency
Though widely believed to be considering several cryptocurrencies for its exchange, Coinbase has not reached any decision about how or even if it will support other digital assets. The company issued the reminder via Twitter by quoting a statement from Jan. 4, where the company described its process for adding new assets.
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to eh contrary is untrue and not authorized by the company,” the statement read.
At present, Coinbase supports bitcoin, Ethereum, bitcoin cash and Litecoin through direct fiat money purchases. For many, Coinbase is the gold standard of crypto exchanges, making any potential listing a bullish sign for investors.
Of course, this view isn’t shared by all, as several traders have expressed concern over the platform’s fees and limited payment methods. There’s also plenty of speculation about the extent to which Coinbase tracks user spending.
Speculation about a possible partnership with Coinbase sent Ripple soaring on Monday, with prices rising double-digits to break the $1.00 plateau. The coin peaked around $1.09 before reversing its gains to settle around the $0.93 mark. At current values, Ripple has a total capitalization of around $37 billion.
Ripple was also buoyed by speculation that company CEO Brad Garlinghouse would appear on CNBC’s “Fast Money” on Tuesday. At the time of writing, these rumors have not been confirmed.
Monday wasn’t the first time the third-largest cryptocurrency benefited from Coinbase rumors. Speculation about a major exchange listing sent XRP to record highs in December. By the end of the month, XRP was the best performing crypto asset of 2017.
While Coinbase can certainly help Ripple achieve greater mainstream status, its listing on the exchange doesn’t mean instant success. Bitcoin cash was put through a tumultuous ride in December after first appearing on the exchange. BCH support would eventually be suspended over allegations of insider trading at the firm. Earlier this week, the platform was hit with two class action lawsuits connected to the incident.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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