Coinbase Rejects Ripple – XRP Market Cap Sinks

Coinbase will not integrate Ripple
  • Brian Armstrong, the C.E.O. of Coinbase firmly stated that Coinbase nor GDAX have made a decision to integrate any new cryptocurrency assets.
  • XRP’s market cap is down roughly $22 Billion.

Ripple (XRP) climbed as high as $3.84 January 4th and sank to $2.83 January 5th after Coinbase quashed rumors that it would soon support Ripple trading. The coin’s price dive began after Coinbase’s press release around adding new assets to the platform.

As of the date of this statement, 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.

XRP’s growth has been catalyzed by adoption from major financial institutions as well as positive press.

Ripple’s Investment Appeal

Irrespective of Coinbase support not panning out, XRP still is an attractive coin for investors. In a Forbes article, Charles Thorngren offered some bullish remarks on the coin.

“A lot of people were buying Ripple because they thought it would be available on Coinbase and that would lead to an influx of investors with access to the coin,” he stated. “Now we’re seeing some pullback because this didn’t happen.”

The price drop may have affected XRP in the short term, XRP’s value was not affected overall. The reason to own XRP is because of its institutional support in a decentralized universe.

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About Bill Tracy 15 Articles
Financial analyst and bitcoin enthusiast covering altcoin news and government policy for Altcoin Report.