Ripple prices soared as investors speculated about the US cryptocurrency market, Coinbase by adding digital currency to its platform. In addition, demand from South Korea helped Ripple jump.
One type of cryptocurrency, Ripple jumped in trading on Monday 5/3/2018 yesterday, amid a fresh speculation that Coinbase is one of the digital currency exchange exchanges will add cryptocurrency to its platform.
Coinbase tweeted on Monday that the company "made no decision to add additional assets to GDAX or Coinbase" and "any incorrect or unauthorized statement by the company."
A spokesman for Ripple said the company did not respond to rumors or speculation. Ripple's XRP coin, the third-largest digital currency by market cap, traded near $ 1.04, up about 9 percent in the past 24 hours, and about 3 percent on the day, according to CoinMarketCap.
Coinbase is one of the largest cryptocurrency exchange exchanges in the United States that provides buying and selling of digital currency for traders and professionals. Currently, this platform only supports bitcoin, bitcoin cash, ethereum and litecoin. As a result, the addition of a new coin to Coinbase will likely bring in more buyers.
An article in CoinDesk also raised speculation about Ripple's main exchange list, citing an upcoming appearance by Ripple CEO Brad Garlinghouse and Coinbase President and Chief Operating Officer Asiff Hirji in "Fast Money" CNBC on Tuesday 6/3/2018.
However, both appear in separate and unrelated interviews at the event. Ripple, or XRP, is still trading at 70 percent lower than the record high of $ 3.84 set in early January.
The entire cryptocurrency has soared in December amid speculation that it will be added to Coinbase. Strong demand from South Korean investors also helped Ripple soar on Monday.
Cryptocurrency is trading at a 1 cent premium in South Korea's main bourse called Bithumb, according to CoinMarketCap. South Korea's won won more than 33 percent of XRP daily trading volume, according to CryptoCompare.
Ripple officially became a San Francisco-based company that developed a network for fast global financial payments. XRP is a digital token name that can be used by financial institutions to transact quickly.