Ripple News and Price Analysis: Coinbase Custody To Consider Adding Support FOr XRP. Saturday, August 4
Important Ripple News
Coinbase Custody To Consider Adding XRP
Coinbase Custody is a service for institutional clients to help storing large amounts of cryptocurrency in a highly secure way. In an annoucement blog post by Sam McIngvale one can read that these are still only considerations and nothing is sure for now. Coinbase Custody wants to remain as transparent as possible with their customers about potential support for various assets.
"Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading."
Among these assets we can find XRP, but also coins such as Zcash, Monero, EOS, NEO or even Dogecoin.
Ripple XRP Makes Gain Even in A Negative Market
According to stats and chart data, most of the top 10 coins have lost 1 to 5 percent by Wednesday. The only exception is Ripple (XRP) which has been trading at $0.44, price at which it has stabilized for days.
Indications show that XRP made gains of 1.6 percent as the only coin among the top 10 to see gains. This is apparently due to the impact of the news that the 42nd president of the United States, Bill Clinton will be the keynote speaker to kick off Ripple’s global payments tech conference, Swell.
Other top coins that have seen substantial losses aside Ethereum are Litecoin and EOS, with both losing 3.45 percent on Wednesday. Among the top 20, Dash and Monero are the most stable in trades, both have gained 1 percent.
The coin market has lost $8 billion in the past 24 hours with capitalization presently at $268.4 billion having inched further downwards.
Even though the market has seen continued losses, the outlook isn’t as bleak as it seems because indications show things are not gloomy especially regarding the relationship between the institutional investors and the crypto industry.
On Tuesday, Northern Trust Corp. an institutional asset management company that has control over $954 billion announced it would commence a custody service for digital assets. Morgan Stanley has also announced the appointment of a self confessed crypto trading expert and 12-year veteran of Credit Suisse as its new head of digital asset market. These moves show the increasing adoption and acceptability the coin market has among institutional investors.
The US Treasury Department recently released a report expressing concerns that the US is lagging behind in innovative and disruptive fintech technologies such as cryptocurrencies and blockchain in terms of accommodative regulations.
Nevertheless, there still are skeptics who see the collapse of un-tethered crypto assets a possibility. Among these is Paul Krugman, the Economics expert and Nobel Prize winner.
XRP/USD Price Chart, Friday August 4th:
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