Ripple Price Has Retreated – Coinbase Kills Rumors

Ripple joining Coinbase

Is Ripple joining Coinbase? That rumor started yesterday and caused Ripple price to soar more than 20% in early trading. Investors were certain of the coins inclusion on the Coinbase trading platform. Coinbase President Asiff Hirji is due to appear on a business show with Ripple CEO Brad Garlinghouse – and this meeting is what started the rumor.

However, XRP price has now plummeted at a similar pace today, after Coinbase denied all these rumors. Is Ripple joining Coinbase? The answer appears to be a no: 

The crypto exchange said on Monday: “Our January 4th, 2018 statement continues to stand: 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,” the de-facto exchange said.

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Ripple joining Coinbase

Source Image: coinmarketcap.com

Ripple price plunged back to its previous trading range today – declining more than 11% to the level of $0.93. The broader selloff in cryptocurrency prices added to the downward trend. Bitcoin plunged close to the $11,000 mark, while the other top ten currencies declined at a mid-single-digit rate today.

Further Price Correction is Likely

Market sentiments were negative for digital currencies following unfavorable remarks from the European Union Commission and the Bank of England governor, Mark Carney. Both parties believe that digital currencies can’t be an alternative to traditional currencies, with massive price volatility, illegal usage and fraud being cited as the main factors for this.

Bitcoin and other cryptocurrencies do not have a “guaranteed value” and should come with a “clear and frequent” warning to investors safeguarding them from possible risks to their investments, EU financial services commissioner Valdis Dombrovskis said.

Bitcoin, Ripple and other cryptocurrencies don’t have any justification or backing for their current price on the crypto exchanges – the surprise price growth and the sideways movements are entirely based on speculations and increasing transaction volume related to illegal activities. The remarks from European and British regulators suggest an immediate crackdown on cryptocurrencies, which could create substantial downside volatility in digital currency prices.

Featured Image: Depositphotos/© Violka08

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