Cryptocurrency ripple jumps as traders speculate on Coinbase adding trading


Tony Avelar | Bloomberg | Getty Images

Brad Garlinghouse, chief executive officer Ripple

Cryptocurrency ripple climbed Monday amid renewed speculation that popular exchange Coinbase would add the cryptocurrency to its platform.

Coinbase tweeted Monday that the company has “made no decision to add additional assets to either GDAX or Coinbase” and that “any statement to the contrary is untrue and unauthorized by the company.”

A Ripple spokesperson told CNBC the company does not respond to rumors or speculation.

Ripple’s XRP coin, the third-largest digital currency by market cap, traded near $1.04 as of 2:04 p.m. ET Monday, up about 9 percent over the last 24 hours, and roughly 3 percent on the day, according to CoinMarketCap.

Coinbase is the leading U.S. marketplace for buying and selling major digital currencies and is popular with both retail and professional traders. The platform only supports bitcoin, bitcoin cash, ethereum and litecoin right now. As a result, the addition of a new coin to Coinbase would likely bring in many more buyers.

Ripple 7-day performance

Source: CoinMarketCap

“I’ve seen rumors spreading around Coinbase additions and Japanese banking partnerships and [Ripple CEO] Brad Garlinghouse’s upcoming appearance on Fast Money,” said Alex Sunnarborg, founding partner at cryptofund Tetras Capital.

“Larger buys in advance of expected news in these markets are then compounded by retail investors buying out of FOMO and trying to chase gains,” Sunnarborg said, referring to the acronym for “fear of missing out” on price gains.

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