Ripple prices began to tank after Coinbase had released a blog post confirming that the exchange does not plan to add any other additional currencies to both of its platform, Coinbase and GDAX. Ripple prices fell by as high as 20 percent.
“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.” wrote Coinbase.
Even after the dip, Ripple still maintained its market cap as the second highest cryptocurrency after prices began to recover. As of Friday, Ripple sits at a market cap of $122.9 billion.
Coinbase says that the exchange will announce all new additions via their blog post or other official channels.
The main focus of Ripple is to work with banks and other financial institutions to integrate a cost-effective methods into their databases to send monetary transactions globally.
Ripple hasn’t crashed completely due to its high speculation and attractiveness in Asian countries. It was previously reported that South Korean and Japanese financial institutions were interested in adopting Ripple to integrate into a blockchain based payment solution.
Takashi Okita, CEO of SBI Ripple Asia, said in a statement that South Korea is one of the most active markets when it comes to blockchains and digital currency. He says that he sees high potential growth for Ripple.
But even then in Asia, everything is pure speculation and rumor based. Yet, the rumors are attracting many investors, but events like Coinbase denouncing Ripple rumors are situations governments, exchanges, and financial institutes all warn about.