Ripple Lose 10% as Coinbase Deny XRP Relisting Rumors

Briefly –

  • Investors believed that Coinbase relisted XRP after the altcoin’s trading pairs emerged on the exchange platform.
  • However, Coinbase denied the rumors within no time, saying it was a technical error.
  • XRP reacted to these events quickly, eventually declining by 10%.

On 10 September, the Coinbase Pro smartphone application had Ripple trading pair emerging. The developments saw the alternative token rising while the trading volume reflected the bull’s excitement. It did not take time, and Coinbase denied not relisting the remittance cryptocurrency.

Coinbase Still Suspends XRP

Coinbase platform showcased 4 Ripple trading pairs. That had most crypto enthusiasts believing the exchange decided to relist the digital asset. The crypto firm had delisted XRP trading activities due to the ongoing lawsuit between Ripple and the US SEC.

On 19 January 2021, Coinbase halted XRP trading. Moreover, the leading cryptocurrency exchange has not declared its next move on Ripple services. Meanwhile, Coinbase reacted quickly, tweeting that Ripple’s token was temporarily present on its trading site because of technical error, but no investor had traded the digital asset. However, the rumors affected XRP’s price.

The altcoin saw its value witnessing a 13% surge after investors believed Coinbase had decided to list the cross-border remittance crypto. However, XRP sustained a 10% loss after Coinbase deprived of the rumors to relist the token. With that, Ripple erased its gains shortly afterward.

As Coinbase exchange also faced legal challenges with SEC, most cryptocurrency enthusiasts have insisted the trading platform relist Ripple as a solidarity movement against the securities agency.

XRP Back Beneath Resistance as Enthusiasm Fades

XRP has endured 10% downswings after Coinbase denied the rumors to relist XRP. The crypto community lost excitement on the token after the response by the crypto exchange. That had the global remittance asset plunging below a considerable barrier at the 200 4H SMA at $1.14. Meanwhile, XRP managed to overcome many obstacles to the upside after the rumors. However, the crypto community’s excitement seems over or now.

For XRP to surge higher, it has to break past the resistance mentioned above and the 100 4H SMA at $1.18 to test the 78.6% FIB retracement at $1.21. Increased upsurges will have the crypto approaching the 50 4H Simple Moving Average at $1.22.

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