There is no better boost to the fortunes of a cryptographic currency than getting major exchange listing. For some time now, talks were rife that Ripple’s XRP will get listed on Coinbase. This was yet to see the light of the day. However, indications point to the fact that the coin might not have any need for a Coinbase listing.
In recent months, Coinbase had been under intense spotlight for its immense pump and dump technique. Traders thought the last had been seen on the Ethereum Classic’s dump. ZCash (ZEC), the privacy cryptocurrency had received its share of the pump and had thereafter, been left in the cold.
ZCash (ZEC) Listing Was An Odd Step
The crypto community had been taken aback when Coinbase had announced adding ZCash (ZEC) to its Pro trading platform. The blog post had hinted that the coin (ZEC) was not available on the primary platform. The rebranded version of GDAX, Coinbase Pro, became the rallying point for a ZEC listing.
The financial fortunes of the coin had improved after this and investors had thought it the next big thing to happen to ZCash (ZEC). On the contrary, the Coinbase Pro listing was viewed from another perceptive.
It would be recalled that ZCash (ZEC) prides itself as a privacy-centered coin. It was odd to have it on Coinbase especially with the little regard U.S regulators had for privacy coins. Despite these, the coin had traded on the exchange before the sledge hammer fell on it.
ZCash (ZEC) was Used and Dumped
Pump and dump schemes are the latest illegality in the crypto sphere and Coinbase had been fingered in most of these shady deals. Not to talk of the inordinate practice of listing ZEC, the pump and dump ZCash (ZEC) witnessed after it was listed on Coinbase pro is an indication that the exchange is moving away from its original formation.
Coinbase Pro had listed ZEC and the price of the coin went full only to fall later. The nefarious moneymaking play (pump and dump) had made few rich at the expense of greater loss on the part of many investors.
ZCash (ZEC) investors will be licking their wounds after the Coinbase Pro incident. This does not in any way stop continuation in the ploy. In un-regulated crypto sphere, pump and dump schemes are daily occurrence.
Can Coinbase be Major Break for Ripple’s XRP?
In the light of continued increase in price of coins listed on the exchange, people had already started clamoring for Ripple (XRP) listing on Coinbase. The assertion was because the exchange is capable of increasing XRP’s liquidity.
The price of the coin is also set to rise at same pace. The general belief is that Coinbase might be XRP’s jinx-breaker.
Ripple (XRP) is Taking a Walk
If Ripple’s XRP had been considered for a slot in Coinbase, that proposal is no longer in the offing. ZCash’s (ZEC) listing had been hoped to drive adoption of its technology and same is expected of Ripple’s XRP.
However, the coin is rescinding any thoughts of getting a Coinbase listing. In the first place, ZCash (ZEC) does not have better prospects than Ripple (XRP) but had been given a slot on Coinbase. This might be indicating the exchange is biased.
In addition, the reflection from ZEC’s listing had further strengthened Ripple’s (XRP) resolve to avoid Coinbase. The attestation that XRP’s value will increase once it had been ported to Coinbase is a major hype to attract the coin. What was obtainable on ZCash’s (ZEC) listing will likely play out for XRP.
Also Read This: Three Major Factors Affecting the Price of Ripple’s XRP
Investors pushing for the listing ought to have second thoughts because doom will be spelt for XRP when this happens. In a major bull-run, Ripple’s XRP had overtaken Ethereum (ETH) for the second time in a year.
To sustain this tempo, a dubious pump and dump scheme that had become part and parcel of Coinbase should not be experimented with the coin. Investors who do not want their portfolio burned could be implored against a Coinbase listing for Ripple’s XRP.
XRP is Better Off without Coinbase
After the Bitcoin Cash incident, Coinbase had taken time before listing other cryptocurrencies. The incident had left tongues wagging that the exchange had become dumping ground. Coinbase was expected to refute the allegation by offering better prospects to ZCash (ZEC) but same pump and dump scenario played out.
In addition, the 20% dump of Basic Attention Token (BAT) shortly after getting listed on Coinbase is also an indication that Coinbase might not be the best place for Ripple (XRP), and the fact that the coin can certainly achieve glories without the listing.
Overt pump and dump schemes ongoing on Coinbase had confirmed the attestation that Ripple’s XRP does not need Coinbase.