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Ripple falls 10% after Coinbase dismisses rumours of a relisting.

  • The appearance of XRP trading pairs on the Coinbase exchange platform led investors to believe that the coin had been relisted.
  • These reports were swiftly debunked, with Coinbase claiming that it was due to a technical fault.
  • Both of these occurrences had a quick impact on the price of XRP, which dropped by 10%.

XRP

On September 10, XRP trading pairings began to appear on the Coinbase Pro mobile app. The price of Ripple increased as a result of this occurrence since trading volume increased in tandem with the bulls’ euphoria. Coinbase later clarified that the cross-border remittance digital currency had not been relisted.

Coinbase’s XRP trading remains halted.

The appearance of four XRP trading pairs on the Coinbase platform has led many to speculate that the crypto exchange has relisted the digital asset. Due to an ongoing legal struggle between Ripple and the US Securities and Exchange Commission, the Nasdaq-listed company previously banned Ripple from its platform for trading (SEC).

Coinbase halted XRP trading on January 19 of this year and has yet to say whether or when it would resume Ripple trading.

Due to a technical mistake, the Delaware-based crypto exchange swiftly reported on Twitter that XRP was temporarily viewable on its platform, but customers were unable to trade the tok.

While Coinbase is also being sued by the Securities and Exchange Commission, many in the crypto community have asked the exchange to relist XRP to demonstrate support for Ripple in their fight against the SEC.

As enthusiasm wanes, the price of XRP has fallen below resistance.

The price of XRP has fallen due to reports about relisting, which Coinbase has rejected. Ripple dropped 10% once the crypto community realised it was just a technical glitch.

The 200 four-hour Simple Moving Average (SMA) around $1.14 has reintroduced strong resistance for the cross-border remittance cryptocurrency. Although the recent surge in XRP price owing to the Coinbase speculation propelled it past many barriers, the thrill may have worn off.

To break above the aforementioned resistance level, as well as the 100 four-hour SMA at $1.18 and reach the 78.6 per cent Fibonacci retracement level at $1.21, XRP price would need to break above the aforementioned resistance level, as well as the 100 four-hour SMA at $1.18. Ripple could hit the 50 four-hour SMA at $1.22 if it maintains its upward trend.

Ripple is unlikely to see higher ambitions until there is significant purchasing demand.

If the bears gain control, XRP may find initial support around the 61.8 per cent Fibonacci retracement level at $1.10, before falling to the 50% Fibonacci retracement level at $1.02.

 

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