Cryptocurrency investors rushed to Ripple Monday, driving the price up 15% in early trading, amid renewed rumors that Coinbase was considering adding it to its offerings.
XRP, a digital offering by Ripple that is used for cross-border payments, is fairly difficult to buy, as it’s not offered on most major exchanges. But that hasn’t stopped it from becoming the third-largest crypto, behind Bitcoin and Ethereum. It boasts a market cap of more than $41 billion.
The rumors about Coinbase adding support for Ripple are nothing new. They’ve been around for months. Traders seem to have been encouraged by reports that Ripple CEO Brad Garlinghouse will appear on CNBC’s Fast Money program on Tuesday. Coinbase President Asiff Hirji is also scheduled to appear, but separate from Garlinghouse.
Ripple declined to comment on the rumors, citing its policy of not addressing rumor or speculation.
The Coinbase tie, goes the thinking, would allow retail investors to purchase it on its website or app. For now, Ripple’s website is the place you can find all of the exchanges where XRP is available for purchase. Some of the top exchanges include Bitstamp, Kraken, and Gatehub.
Ripple peaked at $3.32 in early January, before joining the rest of the cryptocurrencies that crashed. As of mid-morning Monday, it was trading at $1.06.