Ripple's XRP Token Tanks From Monday Highs as Coinbase Rumor Officially Squashed

It was great while it lasted, Ripple.

After rallying as much as 20% in early trading on Monday, March 5, Ripple's XRP token slumped back to levels under $1 on Tuesday, March 6, as investor hopes for broader exchange inclusion were dampened. 

On Monday, Ripple's cross border payment coin XRP soared as high as $1.08 amid chatter in the cryptocurrency sphere that an upcoming joint appearance from Ripple CEO Brad Garlinghouse and Coinbase President Asiff Hirji would bring with it an announcement that Coinbase will begin supporting XRP trades. Garlinghouse and Hirji are set to both appear on CNBC's Fast Money program on Tuesday with two other cryptocurrency experts.

Cryptocurrency traders on Reddit and Twitter threw gas on the flames of the Coinbase speculation, sending Ripple to highs not seen in more than two weeks as social media latched onto the possibility of XRP trades on the popular exchange. But Coinbase tweeted Monday that the rumors were baseless. 

Our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase.

Any statement to the contrary is untrue and not authorized by the company. https://t.co/X04oN6BcGp

— Coinbase (@coinbase) March 5, 2018

Ripple's XRP, which is the third-largest cryptocurrency by market cap, fell more than 11% to 94 cents early uesday. Since the start of the year, XRP has fallen about 60%. 

It would have been an important development for XRP to make it onto Coinbase. Currently, XRP is one of the harder cryptocurrencies to buy and sell due in large part to its relative absence from larger exchanges such as Coinbase.

Coinbase currently supports trading for bitcoin, ethereum and litecoin. According to the Coinbase site, it has facilitated more than $50 billion in digital currency exchanges in 32 countries for more than 10 million customers.

Keep up with all the latest cryptocurrency news and insight from TheStreet here: