On the 25th of February, Coinbase announced its plans to make XRP (XRP) available to its professional traders. Immediately after the announcement, the value of XRP (XRP) surged by more than 10 percent. The increase in the value of the coin was contagious, as it carried other coins along, including Bitcoin (BTC). While the price surge may seem notable, the digital currency surged by over 3000 percent in 2017 alone.
Coinbase is one of the major digital currency trading platforms in the world. The digital currency trading platform is based in the United States. Usually, the addition of digital currency to a prominent trading platform often has a massive impact on that coin. When a digital currency is added to a top exchange, the value of the coin skyrockets massively.
Most times, the massive increase starts when the exchange announces it would list the coin on its platform. Almost all digital currencies in the market are looking forward to being listed on the top trading platforms in the world. This is because it would increase the exposure of the coin by making it accessible to a wide range of investors. Hence, making the coin more valuable.
The Reaction of XRP (XRP) After the Coinbase’s Later Announcement
After the recent announcement of Coinbase, the value of XRP (XRP) has failed to surge higher. The price of XRP has failed to respond to the announcement made by Coinbase on the 28th of February. Coinbase announced that Coinbase.com and also the iOS and Android apps of the trading platform would also offer XRP. While this announcement was supposed to ignite a spark in the value of the coin, XRP has been trading sideways.
However, a lot of experts say they are not surprised by the recent action of XRP (XRP). They said they were not shocked by the response of XRP to the announcement of Coinbase. Jeff Dorman said: “I am not surprised by the lack of price action for XRP (XRP).” Dorman is the head portfolio manager and co-founder of Arca Funds – asset manager.
Negative press affected digital currency
Dorman further added that: “First, the digital currency has been afflicted by negative press this year. As a result of this, it has been lagging behind the broader market all year. Secondly, while the initial announcement coincided with a modest price surge, the gains it amassed were quickly erased. This happened when those that purchased the coin before the news sold to those that purchase it after the news.”
Joe DiPasquale said that savvy investors might be a step ahead of developments such as the recent announcement of Coinbase. Joe DiPasquale is the chief executive officer of BitBull Capital – a digital currency fund of hedge funds. He said that the market anticipates many of the moves of Ripple. This results in what appears to be counter-intuitive pricing over key events.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the third largest digital currency in the world is trading at $0.317 after a decrease of less than one percent over the past day. The current market cap of the digital currency is $13.13 billion and its trading volume over the past twenty-four hours is $734.75 million.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.