Ripple’s XRP ignores Coinbase Pro listing: XRP/USD range-bound
|- Ripple market cap rises by one $1 billion while trading volume crosses above $1 billion on Coinbase Pro listing.
- The reaction to the pattern sent XRP/USD back to the drawing board at $0.30.
The only parameters that have reacted positively following Coinbase Pro listing of XRP are Ripple’s XRP market cap and the daily trading volume. The market up increased considerably adding over $ billion to the current $13.2 billion while the trading 24-hour trading volume crossed above the $1 billion to the current $1.1 billion.
More:
Ripple’s XRP price technical picture
In spite of the support on the United States leading cryptocurrency exchange, Coinbase Ripple’s XRP is still stuck in last week’s range between $0.2800 and $0.3500. Since the drop at the beginning of the year, XRP/USD has not been able to explore the levels above $0.35. In fact, a couple of bull rallies we have seen in February have failed to break past the critical level. On Sunday last week, XRP retested the resistance at $0.35 completing the double top pattern.
The reaction to the pattern sent XRP/USD back to the drawing board at $0.30. However, the support by Coinbase Pro culminated in gains that came close to $0.34 before the trend turned bearish again on Tuesday. At press time, XRP is trading at $0.3197 with the upside limited immediately by the 4-hour 50-day Simple Moving Average (SMA).
On the downside, the first support is highlighted by the 100-day SMA currently at $0.3141. The second support is formed at $0.31 and the next support is observed at $0.31. If XRP slides below this level expect the buyers to enter at $0.28 or at $0.26 (although this will be an overstretch for XRP owing to the fact that technical indicators are still positive.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.