- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.