Likely Additions to Coinbase in 2018
Rumours about Ripple’s XRP being added to Coinbase drove investors crazy that pushed XRP’s price up over 1000%. Coinbase came out with a statement denying that it plans to offer any new coins to its trading service in the near future, leading the cryptocurrency market to question rumours from December about a possible Ripple partnership.
Immediately afterwards, we saw the price of XRP (Ripple’s crypto coin) drop by almost one third of its all-time-high. At the time of this post’s release, it is trading at approximately $1.12 on CoinMarketCap.
Coinbase’s infrastructure was not built to anticipate the kind of demand that exploded onto the scene in Q4 2017.
In fact, they came out with a statement mid-December about needing to expand their offices by 640% throughout 2017 in order to keep up. And when the moment was right, they added a BitCoin Cash pair to help with liquidity, reel back BitCoin’s initial bull-run and lead comfortably into the necessary pre-Christmas correction.
Coinbase currently has four coins listed; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). BCH was the most recently added and increased over 100 percent upon the announcement it was going to be added.
There are many factors that Coinbase/GDAX consider for a new coin:
1 Mission and Values
3 Legal and Compliance
4 Market Supply
5 Market Demand
6 Crypto Economics
I think Ripple is coming. It’s just coming when Coinbase and the rest of the market can handle it. XRP is as one of the most likely to be added (as it already is on the short list of three most likely to be added), even with the issues facing it regarding decentralization. The market adoption by real financial institutions should give XRP enough of a boost to overlook the one aspect it is struggling with (decentralisation).
There is no way Coinbase ends 2018 with four coins listed as they profit based off volumes traded. The author expects them to fulfil their comment regarding multiple additions in Q1 and that beginning with XRP, XMR or DASH as the top candidates. February with the Dallas Super Conference and the Token Summit in March provide the perfect opportunities for a massive press release. All eyes will be on the crypto space for the next few months, and the King expects big news from Coinbase before the closure of Q1. Most likely one of the three coins, if not two, being listed in the short term.
**DISCLAIMER: This article is not meant to act as financial advice. The opinions expressed here are speculation. Please do your own research before choosing to invest your money. With cryptocurrency being as volatile as it is, only invest what you can afford to lose. I currently own some XRP, XLM, BTC and ETH.
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