XRP Bounces Back on Coinbase Listing Speculation

XRP rebounded sharply on Wednesday after Coinbase announced a new asset listing process, fueling fresh speculation that the ‘banker’s cryptocurrency’ may soon find a home on the coveted exchange.

XRP Price Update

After losing a quarter of its value over two days, XRP bounced back sharply on Wednesday, rising 18.7% to $0.534. The third-largest cryptocurrency by market cap fell more than 42% peak-to-trough over the past five days. XRP spiked more than 100% last week to top $0.77 for the first time since May.

The latest uptrend was accompanied by a sharp rebound in trading volumes, with virtual currency exchanges processing nearly $1.8 billion in XRP transactions over the last 24 hours. Binance processed nearly a fifth of all spot trades via XRP/USDT and XRP/BTC. Upbit, Bitbank and Bitfinex were also among the biggest markets for XRP trades.

XRP’s market capitalization now sits at $21.2 billion – roughly $700 million shy of Ethereum. At the height of last week’s rally, XRP briefly unseeded Ethereum as the world’s second-largest cryptocurrency.

Cryptoassets as a whole added $7 billion in value on Wednesday, bringing the total market to $213.6 billion, according to CoinMarketCap.

Coinbase Announces New Listing Process

San Francisco-based Coinbase has announced a new protocol to “rapidly list all assets that meet our standards and are compliant with local law,” according to a new blog post published Tuesday.  While COinbase did not mention XRP specifically, markets are already speculating that the token may be short-listed for consideration. That’s because several other large U.S. and global exchanges have opened XRP markets.

Coinbase currently lists just five assets on its exchange: bitcoin, bitcoin cash, Ethereum, Litecoin and the recently added Ethereum Classic.

This isn’t the first time XRP has risen on Coinbase rumors. At the height of the bull market, many in the crypto world believed XRP would be the next major asset to be listed on the coveted exchange. However, as Hacked reported back in April, XRP has been unable to list on major U.S. exchanges, possibly due to regulatory concerns. Ripple, the parent company behind XRP, has reportedly tried to pay its way onto major exchanges with no luck.

The big question mark facing XRP is whether it will one day be listed as a security token. Although Brad Garlinghouse, Ripple’s CEO, has made a convincing argument that XRP is not a security, his company’s large ownership stake of the coin has raised concerns that it could fall under the purview of the U.S. Securities and Exchange Commission.

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.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi