Will re-listing on crypto exchanges trigger a bullish breakout in XRP price?
- XRP was re-listed by Canadian exchange Newton Crypto, sparking rumors of relisting on Coinbase.
- Despite multiple social media campaigns from the XRP holder community, Coinbase has not relisted the Ripple token.
- Analysts predict a 55% rally in XRP if there is a resurgence in buying pressure.
XRP was re-listed by Newton Crypto, a Canadian crypto exchange. The news has sparked rumors of re-listing by Coinbase, one of the largest cryptocurrency exchanges.
While Coinbase has come out in support of the remittance token in the SEC v. Ripple lawsuit, the exchange has not announced a re-listing.
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XRP relisting on exchanges begins with Newton Crypto
Newton Crypto, a leading cryptocurrency exchange, announced the relisting of XRP. This is a key milestone for the altcoin. In December 2020, US financial regulator Securities and Exchange Commission (SEC) hit payment giant Ripple with a lawsuit. The regulator accused remittance provider Ripple of an unregistered securities sale of XRP tokens. The SEC maintains that XRP is a security.
Following the news of the lawsuit, several cryptocurrency exchanges delisted the XRP token. The altcoin’s holders witnessed mass de-listing from Coinbase, Kraken, Bitstamp, Crypto.com and OKCoin.
A new round of re-listing from exchanges therefore comes as a relief to XRP holders who persevered through the legal battle between the SEC and Ripple.
Coinbase has joined US-based blockchain associations in supporting Ripple through amicus curiae brief in the lawsuit. However, the exchange has yet to unveil a plan for re-listing the altcoin. Interestingly, a re-listing could fuel a rally in the altcoin as new listings result in massive price movements in assets on Coinbase. Experts termed this as “The Coinbase Effect.”
The XRP community of holders on Twitter ran several campaigns in an attempt to get the token relisted on Coinbase, to no avail yet.
Analysts predict a massive XRP price rally
Akash Girimath, technical analyst at FXStreet, has evaluated the XRP price trend and predicted a rally in the altcoin. Girimath believes that a resurgence in buying pressure could result in a 55% rally in the remittance token.
XRP price could hit the $0.609 level and this move could reverse the 69% crash from Q2 2022.
XRPUSDT price chart
A premature move above $0.448 could invalidate the bullish thesis and result in a trend reversal in XRP price.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
