XPR the native Ripple made a double digit drop on Tuesday after Coinbase –U.S. Largest cryptocurrency and brokerage platform clarified on renewed rumors regarding XPR addition to the list of supported cryptocurrencies. Currently, only four crypto tokens are listed on Coinbase: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH).
The XRP still depends on the Asian market mostly the South Korean where the token is sold at a premium above the market price. On Monday, top ripple integrated exchanges in South Korea were selling the token at a 4 percent premium.
According to the 4-hour trading chart, the ripple managed to reach a new high of $1.08 driven by the rumor, but later retraced to $0.9 after Coinbase clarified their previous decision. From the Stochastic Chart, the XRPUSD is on the oversold mark, but any gains will be limited to the $0.94 accumulation.
The Coinbase integration rumors were fueled by online social media speculators as Ripple CEO Brad Garlinghouse & Coinbase President Asiff Hirji will be featured on the CNBC’s’Fast Money’ show on Tuesday. Speculators
Coinbase decision could have had two outcomes in regard to the Ripple Price trend. If Coinbase were to include Ripple on their asset list, the XRP would soar to new highs as the American demand would ultimately match the Asian demand. If the integration rumors are squashed, the Ripple (XRP) would have experienced price dips.
“Our January 4th, 2018 statement continues to stand: 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 XRP integration was unlikely as Coinbase is currently facing a class action lawsuit from Bitcoin Cash integration insider trading claims. The lawsuit surrounds the timing of BCH Coinbase integration dating after the token was launched after the ‘hard fork’ and subsequent Coinbase decision of integrating the token.
The lawsuit states:
“As one of the largest exchanges for the purchase and sale of Bitcoin, (and effectively a monopoly), the issue of whether Coinbase will maintain a market and support a cryptocurrency is essential to people who want to buy or sell the currencies,” CCN reported.
Coinbase has also been facing increased competition with new rivals emerging backed by powerful financial institutions. Circle recently acquired Poloniex as it eyes to reduce Coinbase U.S dominance. Other Exchanges and trading platforms such as Robinhood, Coinsquare, and Bitflyer have shown some potential of growing their market share.
“The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of cryptonewsbytes.com. This article is not intended to provide any investment advice and should not be taken as is. Please perform your own research before investing in any cryptocurrency.”
Author: Author : Sam
Sam, has been contributing to cryptonewsbytes team since 2017. He is also a crypto-enthusiast and talented market analyst. In his free time, you will find him traveling and exploring new places.
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