Tanya Abrosimova
Independent Analyst
- Traders wait for the joint interview of Ripple and Coinbase CEOs on CNBC.
- Speculative and technical factors intensify the movements.
Ripple price went wild today. After the initial setback from Sunday's high the coin swiftly moved above $1.00 threshold and touched the intraday high at $1.0848 before retracing to $1.05.
The fundamental nature of the volatile movements is unclear, though some experts think that talks about Coinbase adding Ripple to its tradable instruments did the trick. The speculations became widespread on the news that Ripple CEO Brad Garlinghouse would face Coinbase COO Asiff Hirji on the CNBC show Fast Money on March 6.
Speculative factors multiplied by technical breakthroughs added fuel to this fire.
XRP/USD had been consolidating in a very tight range for over ten days before it managed to clear several major resistance levels, including psychological $1.00. Despite a short-lived setback, triggered by profit-taking, the coin met fresh buying interest around $0.9100, which propelled it towards new highs.
Ripple price technical picture
XRP/USD is 5% higher on the day, trading well above the recent resistance of $1.000. The next major hurdle is produced by $1.10, strengthened by 100-DMA, while the local support comes at $1.0350. Once it is broken, the sell-off will extend towards $1.00.
XRP/USD, the hourly chart
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