- 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.
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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.
XRP/USD 4-hour chart
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