Ripple News Update
Dreams of Coinbase adding Ripple’s XRP token were dashed on Thursday afternoon, as an official statement made it clear the speculation was just that—speculation.
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase,” the statement said. “Any statement to the contrary is untrue and not authorized by the company.” (Source: “Our process for adding new assets,” Coinbase Blog, January 4, 2018.)
Although Ripple is not mentioned by name in the press release, I can read between the lines easily enough. This is a veiled response to the Change.org petition that gathered nearly 20,000 signatures in favor of an XRP ticker on Coinbase.
With that much public demand, the company had to respond. Unless, of course, it wants a reputation for willful blindness.
Besides, there is the small matter of XRP prices to consider.
The XRP to USD exchange rate advanced a whopping 1,249% over the last month (including the price drop listed below). Some argue that speculation about Coinbase contributed to this meteoric rise, but I would trace the initial spark to the lockup of Ripple’s 55 billion XRP tokens.
In any case, XRP prices stumbled after Coinbase released its statement.
Prices fell 10.31% against the U.S. dollar and 18.83% against Bitcoin, bringing the XRP to BTC exchange rate down to 0.00020536 BTC.
Ripple Price Chart
While these numbers appear alarming, I would remind investors that XRP is trading at $3.31, whereas one month ago, it cost $0.25. Try to keep that perspective over the next few days.
Given the breathless pace of XRP price action in the past month, a minor retracement is understandable. I wouldn’t be surprised to see the crypto fall to about $2.80, especially considering that bids coming from non-Korean exchanges in that range.
That said, we maintain our $10.00 Ripple price prediction for 2018.