Coinbase denies rumors of relisting XRP, Ripple drops 10%
- XRP trading pairs appeared on the Coinbase exchange platform, leading investors to believe that the firm relisted the token.
- Coinbase quickly denied these rumors, stating that it was due to a technical error.
- XRP price reacted quickly to both of these events, eventually falling 10%.
XRP trading pairs started to appear on the Coinbase Pro mobile application on September 10. Ripple price rose in light of this event, as trading volume corresponded to the bulls’ excitement. Shortly after, Coinbase clarified that it has not relisted the cross-border remittance digital currency.
Coinbase continues to suspend XRP trading
Four XRP trading pairs showed up on the Coinbase platform, leading many to believe that the crypto exchange has relisted the digital token. The Nasdaq-listed firm previously removed Ripple for trading on its platform due to the ongoing legal battle between the blockchain firm and the United States Securities & Exchange Commission (SEC).
Coinbase suspended trading in XRP on January 19 this year and has not announced whether or when it would resume trading services for Ripple.
The Delaware-based crypto exchange quickly announced on Twitter that XRP was temporarily viewable on the platform due to a technical error, but users were unable to trade the token.
XRP price experienced a 13% bounce when users believed that the token was once again listed on the exchange. However, after Coinbase denied the relisting rumors, Ripple fell 10%, erasing the quick gains made in the day.
While Coinbase has also been facing a lawsuit from the securities regulator, many in the crypto community have urged the exchange to relist XRP to show solidarity with Ripple against the SEC.
XRP price back below resistance as excitement falters
XRP price has faltered due to the relisting rumors denied by Coinbase. Ripple fell 10% as the crypto community learned that it was only a technical error.
The cross-border remittance token is now back under a significant resistance barrier at the 200 four-hour Simple Moving Average (SMA) at $1.14. Although the recent spike due to the Coinbase rumor pushed XRP price to slice above multiple hurdles, the excitement may now be over.
In order for XRP price to attempt to climb higher, it would need to break above the aforementioned resistance level, as well as the 100 four-hour SMA at $1.18 to tag the 78.6% Fibonacci retracement level at $1.21. Further upside momentum would see Ripple reach the 50 four-hour SMA at $1.22.
XRP/USDT 4-hour chart
Until substantial buying pressure emerges, Ripple is unlikely to see bigger aspirations.
Should the bears take control, XRP price may discover immediate support at the 61.8% Fibonacci retracement level at $1.10, before dropping lower to the 50% Fibonacci retracement level at $1.02.
Author
Sarah Tran
Independent Analyst
Sarah has closely followed the growth of blockchain technology and its adoption since 2016.
