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Ripple bluff: XRP on Coinbase is still coming? The price of Ripple may be dropping, but there are still plenty of reasons why you can still invest in XRP on Coinbase. Coinbase or not, and neither the company behind the altcoin nor the world’s biggest exchange is making it easy. If previous history is any indication, the arrival of Ripple on Coinbase would double its value within hours.
In a market where price fluctuates based on supply and demand, the impact is instant and immense. Rewind time to the turn of the New Year and Ripple seemed a certainty for Coinbase. Then water fell upon the flame, and with it, the value of Ripple dropped. XRP on Coinbase in the near future. The chain of events for XRP on Coinbase? Way back in 2015, the CEO of Coinbase, Brian Armstrong, blew altcoins off as a waste of time. You can see his Tweet above.
They didn’t really begin to change until the last four months of 2017, either. 814 billion by the turn of the New Year. What these two pieces of information tell us is that not only has interest boomed, but it’s been doing so in the altcoins. For an exchange, any exchange, to look at that data and to bet against altcoins would be bad business. Because if you don’t follow the market, the market will move to somewhere that does. Perhaps that’s why Brian Armstrong changed his stance. Everything started here with Bitcoin about five-years ago, but it’s now turned out that there are dozens of these digital currencies.
The Butterfly Effect
It’s almost becoming Stock Market 2. 0 if you want to think of it that way. Whenever we’ve looked to add a new asset to the platform, we look at a number of factors. We released our GDAX new asset trading policy just a few weeks ago to give you an insight into how we do this. We look at what the regulatory risk is, do some due diligence on the team, do a security audit of the coin, what the customer demand is and consider all those factors before adding it to the platform.
A deeper look into the new trading policy also reveals the other factors that are considered before XRP on Coinbase could become validated. Taking into account Armstrong’s quote above and that policy, I’ve pulled out the following key indicators. Is the altcoin legal under U. Does the coin have a clear and compelling reason to exist?
Does it push cryptocurrency technology forward and can it scale over time? Is the project scheme structure transparent? What are the altcoin’s levels of security and liquidity? Is the team behind it well run and reputable? What is the customer demand for the altcoin? Does it align with Coinbase’s values, which general manager Adam White described as “promoting our mission of creating an open financial system for the world”?
What happened when Bitcoin Cash launched on Coinbase? A week later, on 19 December, Coinbase brought Bitcoin Cash to its platform. The value of the coin instantly skyrocketed. You can see the jump in the table above. However, by 21 December, claims had emerged of insider trading to the point where Coinbase suspended activity on Bitcoin Cash to investigate. Within a week of being outwardly public about plans to bring altcoins to Coinbase, the risk of providing too much information was clear.
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By the end of December, the cryptocurrency community was backing XRP on Coinbase hard. Video footage emerged of Coinbase beta testers apparently showing Ripple being traded on the dashboard. This, in conjunction with other factors, saw Ripple’s value start to climb hard. If the original rumours of a first week of January launch of XRP on Coinbase were true, it became untenable. Ripple’s arrival on Coinbase needed to come on the dip to avoid allegations of insider trading.
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So water was poured on the flames. We wanted to give our customers details about our process for adding new assets to our trading platform. Our mission is to be the most trusted and easy-to-use digital currency exchange. We believe sharing this process with our customers is an essential part of building that trust.
A few months ago we released our Digital Asset Framework which highlights our criteria for supporting new assets. You can read our framework here. A committee of internal experts is responsible for determining whether and when new assets will be added to the platform in accordance with our framework. 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.
Note the desire to state and state hard that the company is aware of and sticks to confidentiality and trading restrictions. And note the confirmation that anything you read elsewhere is untrue. Which is why XRP on Coinbase is still a thing. There is nothing in Coinbase’s second statement that contradicts Armstrong’s initial announcement from mid-December. The company is bringing altcoins to Coinbase in 2018. It has published a public checklist of factors that could impact the altcoins selected so you can play along and tick them off with the watchdogs. It’ a checklist Ripple passes with ease.
Statements like the one released on 5 December therefore serve a dual purpose. It covers all bases, and it sends the altcoin to be added into a timely decline. The reasons for putting XRP on Coinbase greatly diminish the reasons against. Its application is relevant and mainstream, in that it can replace the currently archaic systems for transferring currency across borders.
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Ultimately XRP on Coinbase is smart business. And it’s in the exchange’s best interest to be proactive in moving this and other rising altcoins to its exchange as quickly as possible, before the people look for them elsewhere. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. 7 breaking news alerts delivered to your inbox.
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