Ripple price slumps after recent gains

After showing substantial increases in the last few days as Coinbase rumors were reignited, the Ripple price has dropped back down again.

Speculation had mounted that popular exchange Coinbase would soon add Ripple’s XRP.

Such a move would inevitably send Ripple’s price soaring, leading investors to buy up XRP.

Buying surged over the reports, sending the Ripple price over $1.

But these gains were short-lived when Coinbase released an official statement yesterday, quashing the speculation.

In a Tweet on Monday, Coinbase, one of the largest U.S. cryptocurrency exchanges, reiterated that “no decision” has been made to add new coins to its marketplace.

The company referenced a previous statement made in January after similar rumors sent Ripple’s price skyrocketing.

Shortly after Coinbase denied the rumors on January 4, the value for Ripple’s XRP tumbled and has barely recovered since.

Ripple price takes a hit

According to Coin Thud live price charts, the Ripple price climbed to $1.08 on Monday amid rumors Coinbase was about to add XRP as a trading asset.

But since the favored crypto exchange’s latest statement, the value has dropped to around $0.90, at time of publishing.

A spokeswoman for Ripple refused to comment on the speculation before the Coinbase statement.

Currently, Coinbase allows users to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

The simple, user-friendly exchange is a favorite among new investors.

The fast and easy purchase options are attractive to some that may be put off by some of the more intimidating exchanges.

It’s highly likely that Coinbase will add new cryptocurrencies to its trading platform this year.

Although, the company remains tight-lipped as to which assets it will choose to add, leaving many pundits guessing.

Whatever new cryptos they choose to add will undoubtedly see a massive price surge, however.