There is Another Coinbase XRP Rumor; Rumor Being the Key Word

There is another rumor about XRP going on Coinbase. Rumor is the key word here. The last time this same exact rumor occurred XRP was pumped and dumped over it. Let’s not do that this time.[1]

This time, let’s skip that part and go straight to the common sense and facts.

XRP (the token of the Ripple network) is a great coin; I’d always consider it on my top 10 for potential investments. Further, maybe it will be listed on Coinbase some day. With that in mind, let us make a commitment that we will wait to celebrate the event until it happens (as opposed to pricing in a 400% premium based on an internet rumor).

See the official Coinbase response here [they are referencing a Tweet from January that was made the first time this rumor was circulating]:

Let’s get off this path of buy the rumor, sell the news, push the rumor on Reddit. As at some point, we may find ourselves in a situation where people start selling the rumor and selling the news (skipping the buy phase completely).

Half joking, but only half joking here.

The point is, just because the CEO of Ripple and Coinbase were on TV together doesn’t mean that XRP is going to be on Coinbase for sure. Further, just because Coinbase is hiring people and maybe someone from Ripple is going to be one of those people doesn’t mean XRP is going to be on Coinbase for sure. Further, and most of all, just because someone says something is factual on Reddit, doesn’t mean it necessarily is.

The important fact to note here is that Coinbase doesn’t announce which coins they are going to list before they list them. All we know for sure is that they had previously said they were going to add new coins in 2018 (although they haven’t made any final decisions).

The idea that Coinbase is going to add XRP is pure speculation.

If this were the first round of speculation, it would be one thing. However, this is the second round.

The first round pushed XRP up to $3.50 a token, just in time for it to fall all the way back down to $0.80 after Coinbase stated for the first time that “we have made no decision to add additional assets to either GDAX or Coinbase.”

This pump and then dump over a rumor that had no weight behind it was a wonderful thing for experienced traders who could sell their XRP to newbies, but it was something of a disaster for everyone else.

Let us work together to create a world that doesn’t suck for the majority. Let us lay the cornerstone by pointing out that the XRP internet rumor from Reddit is just that, a rumor, shared on Reddit. It may be picked up by major news sources and is probably meant to create FOMO so someone could unload even more XRP. Eye roll.

Article Citations
  1. Cryptocurrency Ripple jumps as traders speculate on Coinbase adding trading.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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