A few days ago, Coinbase announced that they would be adding 45 new coins. According to the platform, the company is doing this for educational purposes. But just like in the past, XRP (XRP) is not part of the coins they will be listing. It is quite clear that they will not be listing XRP (XRP) any time soon. But does XRP (XRP) need Coinbase anymore for it to make huge gains in price? Well, from the dynamics of the market at the moment, chances are that it is no longer needed, for several reasons.
First, the Coinbase effect is fast waning from the market. It is waning because the whole reason why it was so important in the past was the increased accessibility that came with it. Today, there are lots of platforms that give access to cryptocurrencies, making a new exchange listing quite inconsequential in the grand scheme of things. This explains why Ethereum Classic (ETC) didn’t make any extraordinary gains when Coinbase announced its listing. Had the ETC listing happened back in 2017 when crypto accessibility was a major factor, it would have pumped by a higher magnitude. In essence, even if Coinbase were to list XRP (XRP) today, chances are that it would not push the price any higher than $0.38 at most.
Then there is the fact that crypto is still in a long-term bear-run. At this point, a Coinbase listing would only lead to a minor pump before the overall bearish momentum in the market resumes. That’s because the reason why prices are low not just for XRP (XRP), but for crypto in general, is due to low volumes in the market. There isn’t much new money coming into crypto lately, and this is not a problem that new exchange listings can solve.
The good thing is that XRP (XRP) is uniquely positioned for growth even with all the challenges that the market is facing at the moment. That’s because it is aimed at the banking industry, and not the average Joe. As long as banks are adopting XRP (XRP), its volumes will rise, and so will its long-term price. The good news is that banks are actually adopting it. So far a number of banks are live with XRapid and many more are in the pipeline, especially in Asia. This is where the real price growth for XRP will come from.
But the bigger catalyst for XRP (XRP) would be a positive announcement from the SEC with regards to the status of XRP (XRP). The moment the SEC announces that XRP is not a security, its price will explode. Its demand will be so high that even exchanges like Coinbase will be eager to list it. It’s an interesting time for those strong enough to weather the storm.