Ripple price tanks 11% to erase Monday gains over fake news about Coinbase listing
|- No listing for Ripple; Coinbase refutes the claims leading to a price slump.
- Ripple major resistance now at $0.98 which is also the 38.2% Fib retracement level.
Ripple price soared on Tuesday to weeks' high above $1.00 following fake news claiming that Coinbase was listing Ripple. The largest exchange in the world refuted the claims later on Monday after which Ripple embarked on a downside trend. The experts had earlier warned that Ripple could end up losing most of the gains if the rumors were not confirmed by Coinbase:
“This anticipation could also lead to a large drop in the price of Ripple if Coinbase ends up not integrating Ripple, as it did last year when similar rumors emerged. It is unlikely that Coinbase will integrate Ripple this week, given that it is still dealing with class action lawsuits regarding insider trading allegations against Coinbase employees,”
Moments after, Coinbase released an official statement; saying that the exchange had no immediate plans of adding a new asset on its platform, not even on GDAX. The official statement from Coinbase read:
“our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
Technical picture
Ripple price went up as high as $1.08 on March 5, after which the price started a downward roll that has seen the price trade at $0.92. Ripple price is trading below the 100-simple moving average. XRP/USD is trading below the 23.6% Fib retracement level of the previous high of $1.08 and a low of $0.91. It is also forming support $0.91, and the price will have to maintain above this level to avoid further declines. On the upside, the resistance level is at $0.98 which is also the 38.2 Fib retracement. Sustained gains could see the Ripple price trade closer to $0.95.
XRP/USD intraday price chart
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