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It had been the announcement that ripple investors (XRP) had predicted for more than a year, but the news that the criptovalente Coinbase coin exchange was "exploring" the support for the second cryptocurrency failed to elicit even a microcosm of the type of event that even the simple voice of a list of Coinbase has often been catalyzed during the race to the bull of 2017.
Ripple Price (XRP) fails to capitalize on Coinbase Announcement
As seen in the table below, the ripple price failed to secure any sustained momentum after the December 7 announcement, as a short peak quickly gave way to downward pressure that plagued cryptographic markets. for all of 2018.
In fact, the XRP not only failed to rise against the US dollar in the days following the news, but also rejected the bitcoin (BTC), yielding to a recent trend that saw altcoin lose market share and BTC cement its position as a dominant cryptocurrency. In the last five days, the price of bitcoin fell by 12.33%, while the XRP decreased by 15%, with most of that divergence occurring in the last 24 hours.
A year ago, such a performance would have been unprecedented, since XRP saw more rallies based on simple rumors that Coinbase would have listed the token. Now that there is solid evidence that this will happen eventually, the news – he forgave the pun – could not even make a ripple.
Of course, Coinbase did not openly state that it would support the ripple on its platforms and services, underlining that XRP and other assets listed in criptovaluta are "valued" for listing. However, four Ethereum tokens named in the Friday announcement have already been added to Coinbase Pro, signaling that the addition of XRP may occur sooner rather than later.
Does the end of the coinbase rebound?
The collective yawning that met the ad could have less to do with XRP and much more with Coinbase, which was once one of the most exclusive trading and investment platforms in the cryptocurrency industry. However, the company changed course in 2018, unveiling a new set of quotation guidelines which, in its view, will enable it to provide more cryptocurrency support than before.
As one of Crypto's leading figures on Twitter said, "Coinbase has moved from the most conservative society in the crypt to YOLO in about 6 months".
Coinbase has moved from the most conservative society in the crypt to YOLO in six months https://t.co/ndwF5wtb4t
– Crypto Bobby (@crypto_bobby) December 7, 2018
With the addition of another four ERC-20 tokens last week, Coinbase Pro has already listed more cryptocurrencies in 2018 than did all previous years and the announcement that the company he was exploring the support for the ripple he also nominated another 30 cryptocurrencies that could one day be listed on the platform.
As a result, while the small capitalization cryptocurrencies will always have strong economic support from the initial quotations on large crypto-exchanges, we might be close to seeing the end of the "Coinbase Bounce", a phenomenon that has seen even greater cryptocurrencies increase after the 39, addition to the important brokerage and trading platform.
Shutterstock foreground image. TradingView Charts.
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