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On December 7th, Coinbase's popular American cryptocurrency exchange made an announcement that excited a lot of enthusiastic crypts and angered some. The announcement was that the exchange was considering support for 31 additional digital assets on its platform. Some enthusiastic crypts wondered why the exchange would provide a new list when the previous list – which still had Stellar (XLM) and Cardano (ADA) – was not complete.
Others pointed out that the exchange went ahead and listed 4 "relatively unknown" ERC20 tokens rather than solid tokens linked to solid projects. These 4 tokens were Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA).
One of these complaints can be seen in the following tweet.
Listing Civic and Mana is a total joke. Coinbase is losing all credibility today. Both are literally zombie projects. I am sincerely shocked
– Larry Cermak (@lawmaster) December 7, 2018
A silver coating for XRP
The new list, however, included XRP, thus providing a positive side for fans of digital assets who were waiting for a listing from the beginning of January of this year. At that time, XRP reached levels of $ 3.84 because traders were sure it would be listed on the stock exchange. Bitcoin Cash had been listed a few weeks before in December 2017.
But the quotation has declined and the XRP has been in line with current levels of around $ 0.30. The decline in value was however accelerated by the current bear market, catalyzed by regulatory fears around the world, exchanges of hackers, hash wars and traders who threw in the towel due to the weariness of investors.
XRP continuously resilient
However, amid the turmoil, XRP has managed to become one of the most resilient digital assets in the current bear market. The XRP has slowly but surely climbed the rankings based on market capitalization, also eliminating Ethereum (ETH) in the process. XRP is now in second place based on market capitalization.
Discrepancies between Coinmarketcap.com and Yahoo Finance
XRP traders have noted that when using the popular Coinmarketcap.com cryptocurrency monitoring site, $ 50 billion of market capitalisations lie between XRP and Bitcoin: The King of Crypto.
By checking the screener screener on Yahoo Finance, we find that the difference in market capitalization in the first two is now reduced to $ 30 billion. Below is a screenshot of Yahoo for better viewing.
The difference between the two monitoring websites is that Coinmarketcap does not include the entire supply of XRP when calculating for market capitalization. It uses 40.92 billion XRP to reach the market capitalization amount of $ 12.86 billion. Yahoo, on the other hand, uses the entire 99.99 billion XRP to calculate its market capitalization of $ 31.367 billion.
Market reaction when Coinbase lists XRP
This leaves us the question of what the market will be when Coinbase lists XRP. The exchange has already provided the information it is exploring by listing the digital asset. Therefore, it is safe to assume if XRP is listed in the next few days, it could close the gap it has with Bitcoin or even manage to dethrone the King of Crypto.
Using Coinmarketcap data, XRP must be valued at $ 1,525 to dethrone BTC. On the other hand, when using Yahoo data, XRP must be valued at $ 0.624 to get a similar venture.
In conclusion, we gave the short story between Coinbase and XRP since January. The summary also included the causes of the bear market and the way XRP became continually resilient even after Coinbase did not list it for the first time. The recent announcement by Coinbase that it was interested in supporting 31 additional digital resources now changes the dynamics for XRP. It is no longer a question of "if", but "when" the list will be on Coinbase. Time is the only factor that goes on.
Do you think that Coinbase will list XRP soon? What will be the market reaction of such an event? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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