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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
Cover image via u.today
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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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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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Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says

  • Yuri Molchan
    📰 News

    A Bitcoin bull and investment guru Tim Draper predicts the calm before the storm for the XRP price, as “to call Ripple developers actions wrong is impossible”

Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says
Cover image via en.wikipedia.org

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.

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When asking a question about when XRP is going to hit its quickest high profits in the quora.com forum, a user gets a reply from Tim Draper himself, who says that the XRP price is about to experience an ‘explosive growth’.

Tim Draper is pumping XRP

Tim Draper, a prominent venture investor and a Bitcoin bull, seems to be excited by the current Ripple expansion. Judging by his words, he is predicting the XRP to soar in the short term, calling it the calm before the storm or ‘explosive growth’, putting it a different way.

Tim Draper says:

“Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP.”

XRP should have already grown beyond $0.6 or even $0.9 by now, says the crypto investor, when talking about the results of recent Ripple’s expansions and the partnerships the crypto unicorn has initiated lately.

“The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers.”

Finally, he states:

“In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.”

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Ripple Opens New Office in the Heart of Washington, DC, to Educate US Lawmakers

Ripple Opens New Office in the Heart of Washington, DC, to Educate US Lawmakers

Ripple expands to Washington, D.C.

Previously, U.Today reported that the crypto giant has decided to expand its presence to Washington, D.C., to be closer to regulators, as per the CEO Brad Garlinghouse, and educate them on crypto and the blockchain.

He stated to Forbes:

“We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”

Apart from extending its arms to Washington, Ripple has joined the Blockchain Association.

 

What is your bet on the price moves XRP is going to take in the near future? Share your view in the comments section below!

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

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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