Coinbase Clears Up Ripple (XRP) Rumors, And It’s Not The End Of Story
Ripple (XRP), one of the hottest in-demand cryptocurrency has seen its value more than doubled over the last one week. It, however, plunged as much as 20% after popular exchange platform Coinbase announced that it wouldn’t be adding any new cryptos to its exchange list at the moment.
Ripple’s XRP has been relying on its widespread acceptance by banks and other financial institutions and the news about its possible addition to Coinbase to fuel its recent rally. The currency though couldn’t sustain the growth as it fell by 20% after the announcement by Coinbase.
Ripple (XRP)’s price plunged hours after attaining a new all-time high Thursday. The coin was already down by 10.8% at recent check, trading at $3.32 per coin. Last week, Ripple overtook Ethereum to become the second most valuable cryptocurrency in terms of market value after bitcoin.
In a Twitter post by the chief executive officerBrian Armstrong, Coinbase, one of the biggest crypto exchanges in the world announced that no decisions have been made to add new cryptos to their platform, stating that “Any statement to the contrary is untrue and not authorized by the company.”
The exchange platform currently trades in bitcoin, bitcoin cash, ether and litecoin. The price of bitcoin cash jumped as much as 45% after it was added to Coinbase on December 19. A similar surge was expected to happen with ripple if the platform added it to its platform.
Traditional financial institutions such as banks across the world have started taking an interest in Ripple. Their partnership with the American Express which was announced recently and several others in Asia indicates that the currency is slowly becoming widely accepted. Amongst the cryptos, Ripple (XRP) has a fastest transaction settlement time, usually four-second. This is much higher than what heavyweight’s bitcoin (about an hour) or Ethereum (two minutes) can muster.
The fast transaction time is the reason why banks have begun exploring the potential of using them to make real-time payments, especially in international payment transfers.
Ripple (XRP)’s network works differently from other crypto blockchains. Ripple foundation is run by a private company,and they don’t operate an open source,unlike the others. Even with that, Rippleis still considered regarded as a crypto given the fact that it uses the distributed ledger technology.