For those that were hoping to see Ripple’s XRP being integrated into Coinbase’s flagship digital currency exchange GDAX, you’re going to have to wait a little longer – well, probably a lot longer. Coinbase has confirmed that the long-time circulating rumors are false: Ripple will not be joining either exchange.
The CEO of Coinbase, Brian Armstrong, stated that a decision has not yet been made and that there are currently no plans to integrate Ripple or any other new cryptocurrency or digital asset into the platform.
“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,” finished the statement.
Many rumors had been circulating around Twitter and Reddit that Coinbase was planning an integration of several more cryptocurrencies like it did back in December with Bitcoin Cash, but per the company’s statement, these rumors appear to have no foundation.
It’s possible that Coinbase is trying to learn from its past mistakes. When Bitcoin Cash was meant to be integrated into the exchange, a scandal broke in the form of insider trading when a supposed Coinbase employee or contractor reportedly revealed the integration two whole days before the official announcement was released, causing Bitcoin Cash to soar. Coinbase is still in the process of investigating where the leak came from. Until it has sorted itself out, the likelihood that Coinbase would be integrating any other coins anytime soon are slim at best, thanks to all the backlash it received from the Bitcoin Cash scandal.
Coinbase’s declaration that it was not, in fact, going to be integrating Ripple had some pretty dire consequences for the coin. The altcoin, which has been making leaps and bounds these past two weeks, has now dropped 11.44% since Coinbase’s announcement. Currently, Ripple is going for $3.07 (when only yesterday it was close to $4.00) and its market cap has dropped to $119 billion (yesterday it had been close to $150 billion).
What does this mean for Ripple, then? In all likelihood, it will probably continue to grow, for the time being. This is a minor setback for the altcoin. It’s still high in demand at the moment, which can be seen even just from looking at all the hype that surrounded the potential of Ripple being added into Coinbase.
Featured Image: twitter