Coinbase has silenced all rumors of adding Ripple or any other cryptocurrency to the platform with a recent post on their blog titled “Our process for adding new assets”. In the post, Coinbase discusses the criteria for supporting new assets, which they talk about in their Digital Asset Framework.
A group of “internal experts” make the final decision on whether and when new assets are added to their platform in compliance with their framework. All employees and these experts are bound by confidentiality and trading restrictions, which should help soothe any concerns of insider trading. Coinbase then goes to continue to say that addition of assets will only be announced through official channels, such as through a blog post of a tweet from their official Twitter account.
Coinbase ends the blog post with a very key statement, indirectly ending all speculation of Ripple being added on to the platform soon, which was a main factor in the price increase of the cryptocurrency:
“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.”
Ripple has seen a meteoric rise in price in the last several weeks, increasing in price from just a couple of cents to a couple of dollars. Due to the increase in price, Ripple has overtaken the market capitalization of even Ethereum, with a market valuation worth $121 billion dollars, roughly $20 billion more than Ethereum which is now sitting at number three.
Ripple reached a new all-time high of $3.34 on January 4, but has plummeted since that key statement. Ripple saw prices as low as $2.15 but is currently holding steady at this rate. This could either be an opportunity to buy the altcoin at a discount or a possibility to cut losses, depending on your stance on Ripple.
Interest is leaving altcoins in general, as more money flows into bitcoin. As bitcoin continues to rises, and looks to move toward the $17,000 mark. This further exacerbates the situation that Ripple and other altcoins are experiencing recently, with many strong performers such as ADA, XEM, TRX, and a few others showing the first real pullbacks in weeks.
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