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Here's Why Ripple Is Up 14% Today

Ripple effect in water.

Cryptocurrencies are generally performing well on Monday, with nine of the top 10 by market capitalization in positive territory. After a solid weekend of gains, leading digital currency bitcoin (BTC-USD) is trading for more than $11,500 and is roughly 13% higher than it was a week ago.

However, Ripple (XRP-USD), the third-largest cryptocurrency, is the day's standout. Up by about 14% today, there are renewed rumors that Ripple could finally be listed on the leading U.S. cryptocurrency exchange soon. Here's a rundown of today's cryptocurrency price action, where the Ripple rumors came from, and what it could mean for the currency.

Ripple effect in water.

Image source: Getty Images.

Today's cryptocurrency prices

Here's a look at the 10 largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours.

Cryptocurrency Name (Code) Price in U.S. Dollars Day's Change
Bitcoin (BTC) $11,510.00 3.2%
Ethereum (ETH) $858.96 0.5%
Ripple (XRP) $1.05 13.6%
Bitcoin Cash (BCH) $1,273.70 2.3%
Litecoin (LTC) $212.90 2%
Cardano (ADA) $0.30 5.2%
NEO (NEO) $118.25 (5%)
Stellar (XLM) $0.38 7.9%
EOS (EOS) $8.07 3.5%
Monero (XMR) $366.18 5.5%

Data Source: www.investing.com. Prices and daily changes as of March 5, 2018 at 11 a.m. EST, and prices are rounded to the nearest cent where appropriate.

The largest cryptocurrency not on Coinbase yet

If you create an account on leading cryptocurrency exchange Coinbase, there are currently four digital currencies available to you -- bitcoin (BTC-USD), Ethereum, bitcoin cash, and Litecoin. Of the five largest cryptocurrencies by market capitalization, Ripple (XRP-USD) is the only one that isn't available on the platform.

Therefore, if you want to trade Ripple (or any other cryptocurrency aside from the four I mentioned), it can be difficult to do so directly, especially for U.S.-based investors. You generally have to buy bitcoin (BTC-USD), Ethereum, or another cryptocurrency offered by U.S. dollar-based exchanges, and then transfer it to another exchange where it can be traded for a wider assortment of cryptocurrencies.

Could Ripple be added to Coinbase's exchange this week?

This isn't the first time these rumors have been circulating. There has been speculation that Coinbase would integrate Ripple (XRP-USD) since the currency began gaining mainstream traction last year.

However, there's a good reason for the renewed speculation. Ripple's CEO Brad Garlinghouse is set to appear on CNBC's Fast Money on Tuesday -- and so is Coinbase President Asiff Hirji. Two other cryptocurrency executives are also set to appear on the show.

What it could mean

There's been no confirmation of any announcement set to take place, and it's entirely possible that the two are simply scheduled to discuss cryptocurrencies in general. However, the addition of Ripple to the Coinbase platform could be a big boost to the digital currency's mainstream interest.

Ripple has arguably done the best job of any cryptocurrency (bitcoin included) when it comes to gaining real-world momentum, such as with its partnerships with companies like American Express , Santander , and MoneyGram International , so it's no surprise that it has gotten lots of investor interest. Listing on the Coinbase exchange would make it far more accessible as well, and could certainly be a positive catalyst for the price.

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Matthew Frankel owns shares of American Express and owns Ethereum and Litecoin tokens. The Motley Fool recommends American Express and has no position in any cryptocurrencies mentioned. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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