Amidst the downward correction in the digital currency market, XRP (XRP) made a significant move and broke a wider downturn. While other digital currencies were counting losses, XRP (XRP) saw a sharp price recovery and increased by more than 8 percent. The upsurge in the value of the digital currency came after a surprising announcement from Coinbase – a US-based digital currency trading platform and wallet provider.
Coinbase Set to Add Ripple to Its Platform
Coinbase recently announced it would add Ripple – the common name for the XRP tradable coin – to its platform for Coinbase Pro users as the firm starts to add more support for different digital currencies. The announcement had a positive impact on the value of XRP (XRP) and other digital currencies including Bitcoin (BTC), Litecoin (LTC), Stellar Lumens, and Bitcoin Cash (BCH).
According to a blog post by Coinbase, the digital currency will first be accessible for Coinbase Pro users in the United States (excluding New York), United Kingdom, Canada, Australia, and Singapore. The firm stated that more jurisdictions might be added in the near future. Coinbase in San Francisco already supports Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC), and has promised to add more digital currencies in the next couple of months.
Historically, XRP (XRP) has been seen as a unique digital currency in the crypto space, and this development could be seen as a major win for the digital currency. The addition of XRP (XRP) to the professional trading platform of Coinbase comes as digital currency traders and investors nervously wait for institutional support for digital currency – something many see as a potential catalyst for the value of Bitcoin (BTC).
The sudden price surge of XRP (XRP) accompanies a tumultuous weekend for Bitcoin (BTC) and other digital currencies in the market. The value of Bitcoin (BTC) and other digital currencies skyrocketed on Saturday before declining sharply on Sunday. The volatility of the market was attributed to the forthcoming hard fork of Ethereum, which will take place this coming Wednesday.
In a statement, the senior market analyst at brokerage eToro – Mati Greenspan – said: “This latest digital currency selloff is a stark reminder that digital currency assets remain a developing, volatile asset-class, and investors should act accordingly. Bulls will be watching to see if the value of the Bitcoin (BTC) can hold at $3,800, as this would be a great support level.”
The downward trend was also led by Ethereum (ETH). The digital currency plunged into the red about five minutes ahead of other digital currencies in the market. As a result, ether is now a bell weather asset for the crypto market.
The value of XRP (XRP) has been struggling over the past 6 months after a massive surge following announcements that some top financial institutions and banks would use the technology of Ripple for cross-border settlements. XRP (XRP) surged by more than 100 percent after the news. However, the digital currency has lost most of the gains it amassed then. The digital currency has also declined by more than 80 percent from its all-time high during the massive bull run in late 2017.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is changing hands at $0.335 after an increase of about 6 percent over the twenty-four hours. The current market cap of the digital currency is $13.16 billion and its trading volume over the past twenty-four hours is $1.41 billion.