Ripple Price Slides 13% as Coinbase Quashes Rumors of Imminent Listing

Ripple price
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The ripple price declined 13 percent on Friday after Coinbase rebuffed rumors that it had already decided to list XRP on its brokerage and professional trading platforms.

Ripple Price Declines 13 Percent

The ripple price took a break from its heated rally on Friday, declining 13 percent to $2.64 on cryptocurrency exchange Bitinex after peaking above $3.00 the day before — a mark that temporarily made Ripple co-founder Chris Larsen the eighth-richest person in the world, at least on paper.

ripple price
XRP Price Chart

A plurality of XRP volume continues to be centralized on South Korean exchanges, where it is priced above $4. Consequently, ripple’s global average price is $3.18 — down from a peak of $3.84 on Thursday — which gives the token a circulating market cap of $123 billion.

ripple price
Source: CoinMarketCap

Coinbase Denies Plans to List XRP

XRP’s rally appears to have run out of steam following Coinbase’s recent announcement that the company did not currently have any plans to list ripple on either its brokerage platform or GDAX, its order-book exchange.

Many XRP investors had long been bullish that Coinbase would add support for the token in the near future, particularly since the company added bitcoin cash last month. However, the rumors intensified earlier this week when independent journalist Logan Kugler — a self-disclosed XRP investor — tweeted that a source had told him that “talk about XRP getting added was top of discussion among employees” at Coinbase’s Christmas party.

Responding to the rumors, which had likely contributed to the recent ripple price surge, Coinbase stated that it had made “no decision to add additional assets” to either of its platforms.

“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,” the statement read.

Nevertheless, Canadian investors may find a silver lining in the fact that Coinsquare CEO Cole Diamond said in a recent interview that XRP was “first in line” to be added to the Toronto-based exchange.

Write to Josiah Wilmoth at josiah.wilmoth(at)ccn.com.

Featured image from Shutterstock.

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Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth(at)ccn.com.