Investing.com - Ripple (XRP) gave up some of its earlier gains which followed speculation that exchange Coinbase would add the cryptocurrency to its platform.
Ripple XRP rose nearly 10% to a session high Monday of $1.09 before paring gains to trade around $0.96547, up just 2.35%.
This is not the first time that XRP has pared gains following a sharp move higher on speculation that it could soon be added to Coinbase’s platform.
On January 4, Ripple XRP reached an all-time of $3.28 on poloniex exchange before sharply retreating after Coinbase said: "We have made no decision to add additional assets to either GDAX or Coinbase at this time.”
While Coinbase has yet to confirm or deny this latest rumour, investor demand for XRP has remained somewhat subdued despite signs of growing adoption of RippleNet - the technology behind XRP.
Cuallet last week said it would integrate Ripple’s xRapid within its business model, taking advantage of Ripple’s competitive liquidity options to offer low exchange rates for its users. While several other financial institutions including Western Union and Moneygram have announced partnerships with Ripple to trial its technology.
Bitcoin, meanwhile, remained above $11,000 as the popular digital currency eyed a test of its two-week high of $11,776 on the bifinex exchange.
Bitcoin’s latest move higher warrants close attention as current price levels – between $11,000 and $12,000 – has recently acted as technical resistance – trading levels that trigger selling. A sharp move above this area of technical resistance could signal that the momentum has swung to the bitcoin bulls.
Ethereum fell 1.24% to $854.35, while Bitcoin Cash rose 0.55% to $1,282.30.