Share:
  • 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.

XRPUSDT

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. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

Coinbase has issued an update concerning the crash, indicating, "We’re beginning to see improvement in customer trading." However. The US-based exchange acknowledges that because of increased traffic, some customers may still see errors when trying to log in to their accounts or execute transactions, but holds, "Rest assured your funds are safe."

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP