Ripple Price Forecast: Adding XRP to Coinbase Could Boost Volumes
Ripple News Update
Yesterday, a Reddit user named “kidfromkansas” posted instructions for other XRP fans to petition Coinbase. They want the currency listed beside Bitcoin, Ethereum, and Litecoin. (Source: “(How To): Request XRP be added to Coinbase,” Reddit, November 20, 2017.)
Overnight, the post became extremely popular, with many of the readers saying that they filled out a complaint form. This is the kind of Ripple news that slips beneath the radar because it sounds so innocuous. But pay attention to this petition, because it could prove significant.
The vast majority of demand for XRP comes from South Korea, so much so that it could hamper the currency’s growth. Adding the currency to Coinbase would broaden its base of support, thereby giving it the foundation for steady growth.
What’s Going on with Ripple Prices?
On Tuesday morning, the Ripple to USD exchange rate fell 0.87% to $0.236667. At the same time, the Ripple to Bitcoin rate dropped 1.38% to 0.00002879 BTC.
Neither of these price movements was important. From the 10,000-foot perspective, it looked simply like investors were taking a breather during the upward hike that XRP prices are on.
Daily Ripple (XRP) Chart
How Active Are Investors?
Trading volumes rose 10.8% on November 20, from $193.81 million to $214.66 million. This trend continued overnight, raising 24-hour volumes to $235.95 million.
Investors are swapping a lot more XRP than they were one month ago, but there’s still a lot of upside left to explore. For example, over $1.02 billion worth of XRP was traded last Thursday. If Ripple ramped up to that level of liquidity on a regular basis, we could see prices explode.
Where Is XRP Demand Coming From?
Bithumb, a South Korean exchange, accounts for 48.07%. It is followed by two other Korean exchanges, Coinone and Korbit, that account for 9.05% and 7.44%, respectively.
That’s a combined total of 64.56%.
In the past, we have noted that XRP prices outperform when trading activity exceeds half of total volumes. However, it is also dangerous to have this many eggs in one regulatory basket. This, as we said above, is why adding XRP to Coinbase would be a good move.
Analyst Take:
We maintain our Ripple price prediction of $2.00 by the end of 2018.
Also Read: Ripple Price Predictions 2017: XRP Price Could Cross $1 Mark by End of Year
