Ripple Retreats as Coinbase Denies New Coin Listing Rumors

Cryptocurrency exchange Coinbase has put an end to long-running speculation regarding the possibility of new coins being added to the trading platform.

In a blog post which outlines the process for adding new coins to the exchange, Coinbase confirmed the following:

“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.”
The same was confirmed in a tweet on Coinbase CEO Brian Armstrong’s feed.

Following the addition of Bitcoin Cash to Coinbase last month, the crypto market was rife with rumors that a new coin – most likely Ripple’s XRP – was due to be added to the exchange. Coinbase’s statement is likely an attempt to quell the mounting speculation on social media platforms such as Twitter and Reddit.

Riding the wave of increased anticipation in regards to a possible Coinbase listing, Ripple’s recent price surges saw the cryptocurrency recording massive gains of more than 40,000% during 2017. XRP went from less than a cent at the start of the year to around $2.80 near the end of 2017.

The cryptocurrency continued in a similar vein this year, climbing past the $3 mark and peaking at an all-time high of $3.84 on January 4. XRP’s price rise has enabled it to dethrone Ethereum by jumping to the second spot on the list of the world’s largest cryptocurrencies (by market cap).

However, the bull run came to an abrupt halt after Coinbase confirmed that there were no short-term plans to list new coins. In the aftermath of the announcement, Ripple took a tumble, with its price falling to a low of $3.6, and its market cap dropping from over $148 billion to $126 billion. However, its spot at number 2 on the list of the world’s largest cryptocurrencies is still intact.

Ripple’s recent price surges have been met with mixed reactions – while some investors and traders have voiced their enthusiasm, others have expressed suspicion and unease at the lack of clarity regarding the driving factors behind the surge. In addition, the price rise has also re-directed the spotlight toward a number of features of Ripple that arouse distrust among some members of the crypto community, such as its alleged centralization and the Ripple company’s tight control over the XRP supply.

Coinbase is currently navigating similarly choppy waters, following allegations of insider trading after the abrupt and controversial launch of BCH, and is understandably not in a hurry to add new coins to its trading platform.