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XRP Price Crashes After Coinbase Listing News — Long-Term Prediction Still Positive

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  • Jack Thomas
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    XRP managed to break the market downtrend on Coinbase listing news, but its price is starting to fall again — what’s going on?

XRP Price Crashes After Coinbase Listing News — Long-Term Prediction Still Positive
Cover image via u.today
Contents

Last weekend brought about a $1,000 price resistance break for Bitcoin for the first time in a long time. Unfortunately, it was short-lived as the major cryptocurrency’s price dove back towards $3,700 on Sunday.

The effect of Bitcoin’s price on the rest of the market was to be expected as the majority of coins mirrored its movements. However, one difference was with Ripple’s token, XRP. The third largest coin by market cap, XRP managed to bounce back from the market slump to reach similar heights to before the fall.

The basis for this spike was the announcement from Coinbase that XRP would finally find a place on the major US exchange for its Coinbase Pro users. Yet since that news has broken, the XRP price has started to fall again.

Still, even with its fall, the price of the coin is still up over 24 hours — nearly five percent — and in the long term, the prediction is that this announcement by Coinbase will keep it climbing.

Chart movements

For those that were watching the market intentionally after Bitcoin broke the $4,000 mark, they would have been disappointed to see that it was not able to hold that floor, and even more disappointed to see that it took most of the top ranked coins with it as it fell.

XRP went from $0.35 down to $0.30 in the fall that affected most of the market, but managed to hold onto that resistance point. After trading sideways for a while, the news of Coinbase Pro listing XRP broke and sent the coins skyrocketing back up to $0.346.

However, since that news has broken, the price has actually started falling again, rather than continuing on its upward trend. There are a few reasons for this, and some of it must be down to the lull in the market after the rally.

XRP Price Crashes After Coinbase Listing News — Long-Term Prediction Still Positive

Ripple is now around $0.326, which is still up from the general market collapse, and represents a five percent increase over 24 hours, but the question is what will happen next?

Long-term positivity

A Coinbase listing has been on the Ripple wishlist for some time now, and the fact that the exchange has made the first steps by announcing this for its Coinbase Pro customers shows good progress for investors in the cryptocurrency.

Ripple has been making many banking partnerships, and consistently has been growing that side of their business, but for the XRP token as a slightly separate entity, moves like this are helpful in legitimizing the token further within the cryptocurrency ecosystem.

This falling in price is nothing to be concerned about, as the volatility and price correcting after big news such as the Coinbase listing is to be expected. As volatility returns to the market, it indicates more trading volume, which in itself can lead to better price growth and prediction in the medium to long run.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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