Coinbase Couldn’t Heat Up XRP Market from Bearish Trend

The US-based massive crypto exchange platform Coinbase had given an announcement that said crypto exchange giant Coinbase was “exploring” support for the XRP token. However, the announcement by the exchange has failed to generate a positive movement in XRP price.

The price trend of XRP during last week indicates bearishness of the overall market. Especially, since the Coinbase announcement the XRP experienced a brief spike quickly gave way to the downward pressure.

Coinbase’ Announcement :

Apparently, the declaration by the exchange regarding potential ‘support’ for the cryptocurrency has failed to generate even a ripple. Although, Coinbase had not actually affirmed that it would directly provide support to Ripple on its platforms and its services. The exchange emphasized that it is evaluating XRP and the other cryptocurrency assets for listing purpose.

With that, the exchange announced the addition of four major Ethereum tokens on friday, on its platform ‘Coinbase Pro’. This step hints towards the listing of XRP tokens on the exchange platform.

One more announcement from Coinbase unveiled that it has the firm was exploring support for 30 other cryptocurrencies that may be listed on the platform.

Additions on Coinbase Platform and its Effect :

Apart from that, recently, tokens such as Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) went live on Coinbase Pro platform. Coinbase made an announcement addressing all the traders stated that it had started accepting inbound transfers of the newly listed crypto assets. Later, the exchange declared, “it had started accepting inbound transfers of the newly listed crypto assets.”

Coinbase added, “These order books will now enter post-only mode. Customers can post limit orders, but there will be no matches. Order books will be in a post-only mode for a minimum of 1 minute.”

After enabling these four tokens on its platform, the market of each of these token spiked positively, marking considerable surges across other crypto exchanges. Notably, a majority of these added tokens have surged against Bitcoin and Ethereum.

Coming back to the XRP token, it has declined by a full 15 percent in the last five days. While bitcoin price is down 12.33 percent.

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