The Ripple price posted a double-digit percentage decline on Tuesday after cryptocurrency exchange and brokerage platform Coinbase squashed rumors that it had decided to add XRP to its list of supported assets.
The cryptocurrency markets made a comprehensive retreat on Tuesday, and more than 90 of the top 100 cryptocurrencies lost value against the US dollar.
However, the Ripple markets endured one of the more significant sell-offs, driving the XRP price down 11 percent to a present value of $0.94 after trading as high as $1.08 on Monday. XRP now has a circulating market cap of approximately $36.8 billion.
XRP trading volume is still heavily concentrated on South Korean exchanges, although somewhat less than it was on Monday. Bithumb’s XRP/KRW trading pair accounts for nearly 26 percent of all Ripple volume, while fellow XRP/KRW markets Upbit and Coinone comprise another 12 percent. These Korean exchanges are now pricing Ripple at a four percent premium over its value in other markets.
While it is true that cryptocurrencies fell across the board, Ripple’s decline was more than double that of the index, which fell by about five percent.
This is likely because, as CCN.com reported, the XRP price had been buoyed by rumors that Coinbase would announce support for Ripple this week. Similar rumors have swirled for several months, presumably because Ripple is the only top five-cryptocurrency not listed on Coinbase. At present, the platform supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Ripple backers strongly believe that XRP will be added to Coinbase in the near future. However, the company tweeted on Monday that it had “made no decision to add additional assets to either GDAX or Coinbase,” adding that any “statement to the contrary is untrue and not authorized by the company.”
Unsurprisingly, Coinbase’s statement took the wind out of the rally’s sails, and the Ripple price quickly dropped below dollar parity and continued to decline as the market began its comprehensive retreat.
Featured image from Shutterstock.
Last modified: May 20, 2020 9:02 PM UTC