Rumors swirl that Coinbase will soon add Ripple’s XRP for trading
The value of Ripple’s XRP has climbed over the last 24 hours, as investors speculate it will be added to Coinbase in the very near future.
Rumors that the XRP will be added to the popular trading platform have been swirling for months.
Coinbase has yet to make an announcement but has been historically secretive about the addition of new cryptocurrencies.
The rumors have intensified following news that executives from both companies are making a joint TV appearance.
Speculators have suggested that Ripple CEO Brad Garlinghouse and Coinbase President and Chief Operating Officer Asiff Hirji, will make an announcement during CNBC’s “Fast Money” on Tuesday.
CNBC asked both men for comment about the rumors ahead of their appearance, but they remained tight-lipped about a possible partnership.
Coinbase/Ripple partnership rumors won’t die
Rumors that Coinbase were adding Ripple’s XRP to their platform intensified so much earlier in the year that the company was forced to make a statement.
Reports of any new cryptos being added to their exchange were semi-quashed when Coinbase released a statement denying the speculation.
In a Jan 4 blog post, the company said that suggestions that Coinbase or its GDAX exchange is adding a new asset are “untrue and not authorized by the company.”
The key to their statement that kept hope alive was that it said they wouldn’t be adding news assets at the time of publication.
Coinbase didn’t rule out the possibility of adding XRP at a future date.
XRP price soars
Ripple, is the third-largest digital currency by market cap.
At around midday, ET Monday, it was up about 14 percent over the last 24 hours.
At the time of publishing, the price currently sits at $1.02, according to the Coin Thud live price charts.
Coinbase is a favorite trading marketplace among both retail and professional traders.
Currently, the platform only supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The addition of a new coin to Coinbase would likely bring in many more buyers.
Any new coins added to the platform would also likely see a massive spike in value.
When Bitcoin Cash was added to the exchange in mid-December, the price skyrocket to almost double its prior value.
FOMO – Fear of Missing Out
In response to the Coinbase-Ripple rumors, Alex Sunnarborg, founding partner at crypto fund Tetras Capital said:
“I’ve seen rumors spreading around Coinbase additions and Japanese banking partnerships and [Ripple CEO] Brad Garlinghouse’s upcoming appearance on Fast Money.”
“Larger buys in advance of expected news in these markets are then compounded by retail investors buying out of FOMO and trying to chase gains,” Sunnarborg said, referring to the acronym for “fear of missing out” on price gains.
The joint TV appearance by the two CEOs had some Twitter users speculating that a big announcement is on the cards
Ripple was walloped by the recent price drop after experiencing record highs in early January.
The value of XRP surged in December as speculation mounted in December that it would be added to Coinbase.
But following the statement from Coinbase on Jan 4, values plummeted from the high of $3.84.
Strong demand from Asia
South Korea has also helped XRP rise Monday with strong demand from investors.
On the South Korean exchange Bithumb, prices for XRP traded higher than in other markets.
According to data from CryptoCompare, South Korean trading is accounting for over 33 percent of XRP’s daily trading volume.
In recent months, Ripple has announced a whole host of partnerships with financial firms.
The majority of companies have been testing the use of XRP for fast and efficient cross-border transactions.
Last week, the San Fransisco-based startup revealed that global payments company Fleetcor would test the use of its products.
In January, the fintech firm also announced that MoneyGram, MercuryFX, and IDT would all test XRP for international payments.
Ripple itself owns about 60 billion of the total supply of 100 billion XRP.
The current market cap for Ripple’s circulating supply stands close to $40.5 billion.