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Ripple Prices Drop Sharply After Coinbase Announcement by Vicben(m): 1:48pm On Jan 06, 2018
The price of Ripple’s XRP token fell more than 25% after Coinbase dispelled rumors that it would soon offer trading in the digital currency.

While XRP climbed to as much as $3.84 yesterday, the cryptocurrency dropped to as little as $2.83 today, CoinMarketCap data reveals.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

The digital currency took this sharp dive after Coinbase announced yesterday that it did not have plans to offer trading of additional cryptocurrencies on its exchanges. The announcement said:

“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.”

Strong Tailwinds

XRP has benefited from several tailwinds lately, appreciating sharply as the currency benefits from positive news and robust momentum.

As a result of these positive factors, the digital currency has surged more than 1,000% in the last month, additional CoinMarketCap data show.

Appeal To Investors

Even though the Coinbase trading rumors didn’t pan out, the XRP token still appeals to investors, said Charles Thorngren, CEO of Noble Alternative Assets.

“A lot of people were buying Ripple because they thought it would be available on Coinbase and that would lead to an influx of investors with access to the coin,” he stated. “Now we’re seeing some pullback because this didn’t happen.”

“However the price drop due to Coinbase does not affect XRP overall and it doesn’t change the reason to own XRP,” stated Thorngren.

He added that “Coinbase is for the small investor, but XRP is moving because of the institutions.”

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