There was a lot of buzz online yesterday after the DFS announced that it had authorized Coinbase to offer custody services for a number of cryptos. The crypto that attracted the most attention after this announcement is XRP (XRP). That’s mainly because the community has been pushing Coinbase to list XRP for some time now. The expectation has always been that a Coinbase listing would play a role in pushing up the price of XRP. Unfortunately, Coinbase has so far not shown any hints that it could be listing XRP any time soon. As a matter of fact, a quick glance at Coinbase Custody website doesn’t show any signs of XRP. Here is a snapshot of their page.
Even in their coming soon section, they are only hinting that they will soon be supporting more ERC20 tokens. This can be interpreted to mean that, though they now are legally allowed to offer custody services for XRP, they may not actually do it. This makes chances of a listing for trading are quite slim at this point.
Does it matter?
Exchange listings were a big deal in 2017 for a significant portion of the year. Demand for crypto was at its peak, and there were not many exchanges supporting the cryptos that investors were looking to invest in. That’s why getting listed on a major exchange was such a big deal in the recent past. But that is no longer the case. Things are very different now.
The number of exchanges has increased significantly. No one at this point can claim that they have failed to buy a crypto because they didn’t have access. For XRP, for instance, there are many exchanges where investors can access it easily both in the U.S and outside. In essence, even if Coinbase were to list XRP at this point, it would only lead to a short-term pump followed by a dump back to where it is today.
What matters most for XRP at this point is adoption. The moment banks go live with XRapid, demand for XRP will rise as well, and this could cause a significant increase in the price of XRP (XRP). That’s because banks move billions of dollars every day across the globe, and if this were to be done through XRapid, then volumes would inevitably rise.
This would then create FOMO around this crypto and play a role in pushing up its price. Case in point was the 21st of September when XRP volumes shot up significantly and pushed up its price by over 60%. That’s a good indication that if banks drove their volumes through XRapid, its price would see a major value increase in the future. That’s why this adoption is what the XRP community should be focused on it, as a trigger to a value increase for XRP.
The long-term prospects of XRP (XRP) are getting better. From the events at SIBOS, it is clear that XRP’s main competitor may be several years away from achieving what ripple has achieved so far.