Coinbase just announced today that XRP will be supported on Coinbase.com along with the iOS and Android apps. All Coinbase customers will now be able to “buy, sell, convert, send, receive, or store” Ripple’s coin.
— Coinbase (@coinbase) February 28, 2019
This recent addition is in step with the plan Coinbase set in motion in late 2018.
“Our goal is to rapidly list all assets that meet our standards and are compliant with local law while providing our customers with the tools to discover, evaluate, trade, and use digital assets.”
Coinbase users were only able to deal in a select few cryptocurrencies for a while. Many investors began to see Coinbase as an exclusive place for digital assets to be listed which caused some wild speculative price surges. But now that the California based company is promising to add assets at a much more rapid pace, the price pumping Coinbase effect has diminished.
There is always some buzz when Coinbase decides to add another cryptocurrency. In the past, there have been notorious pumps that occurred after several of Coinbase’s new coin announcements. Crypto fans and HODLERS always seem to ratchet up their excitement for these announcements, but maybe for no reason.
After the initial announcement that XRP would be added to Coinbase Pro, the digital asset saw a pump in price. A week later and XRP is now being added to Coinbase’s standard app but there has been a non-corresponding pump. The gains from the previous Coinbase Pro announcement have also been erased.
While it’s definitely a good sign for the adoption of cryptocurrency, Coinbase adding new assets won’t be met with wild price surges anymore. There have been so many more additional ways for people to buy crypto with fiat in the last year that it has reduced the impact of Coinbase.