XRP prices, after starting slow this week, suddenly jumped over 20% bringing the coin back to the number two position on the cryptocurrency list arranged by market cap. This sudden sharp bounce was linked to the announcement made by Coinbase regarding a new asset listing process which has again fuelled speculation that XRP may soon find it listed on Coinbase.
XRP pushes Ethereum to take the second spot
After losing a quarter of its value over two days, XRP bounced back sharply and rose over 23 % to bump Ethereum to third place. What looked like a dull week for XRP, was suddenly fuelled back to life as Coinbase announced its policy changes for list crypto assets on its platform. As the announcement hit the crypto street the speculation of XRP being listed on Coinbase began to resurface.
The latest uptrend was accompanied by a sharp rebound in trading volumes, with virtual currency exchanges processing nearly $2 billion in XRP transactions over the last 24 hours. Binance processed over one-fourth of the total volumes in XRP with figures of 11.46% and 7.97% via XRP/USDT and XRP/BTC respectively. Upbit, Bithumb, Bitfinex, and Bitbank were also among the biggest markets for XRP trades.
San Francisco-based Coinbase has announced its new policy to “rapidly list all assets that meet our standards and are compliant with the local law,” according to a new blog post published on September 25th, 2018. While Coinbase did not mention XRP specifically, speculators and crypto enthusiasts have already started speculating that the token may be the beneficiary of this policy change.
XRP- Coinbase listing speculation not new
Coinbase is one of the largest crypto exchange and still hasn’t listed the world third (now second while report) largest cryptocurrency according to market cap, XRP? This is a question that has crossed every person’s mind who has traded cryptos and often leads to speculative rumors of Coinbase listing XRP every time there is new linking the two. Such news often drives the prices of XRP up only to fizzle it out when either of the party clarifies its stand. The current rise in XRP prices also seems to be similar to one as the market has already drawn inferences without any official announcements from either Ripple or Coinbase.
A similar price rise was noted in Ripple’s XRP token in March 2018 when certain comments on social media indicated that Ripple’s XRP would be next in line after Bitcoin Cash to be listed on Coinbase. This inference was drawn by reading between the lines of a segment of CNBC’s Fast Money that’s set to feature Ripple CEO Brad Garlinghouse and Coinbase President Asiff Hirji in what appears to be a panel discussion on cryptocurrency trends.
— Melissa Lee (@MelissaLeeCNBC) March 5, 2018
Speculation based on the Fast Money segment had driven XRP up to $1.07, up about 6% from weekly averages then. Although the price again fizzled out when Coinbase responded to rumours with a tweet that stated “Our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
— Coinbase (@coinbase) January 4, 2018
Although the price rise is still speculation driven, one can just keep their fingers crossed that an official announcement may come soon. This announcement would also bring an end to the speculations regarding XRP and Coinbase listing that has been going on for awhile now.
Will this revamping of listing policy actually bring XRP to Coinbase? Do let us know your views on the same
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.