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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

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

  • Jack Thomas
    🤷 Opinions

    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
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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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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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