- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP holds steady above $0.47 as Ripple President breaks silence on Real USD stablecoin
Ripple President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoin’s launch. The payment remittance firm’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024.
Bitcoin Weekly Forecast: BTC price correction could end in July, according to seasonal data
Bitcoin price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.
TON and Telegram narrative may be overvalued according to new research
Toncoin, Telegram narrative may be overestimated according to analysts at Blockworks Research. The social media messaging app has a relatively low number of daily active users, and no EVM compatibility.
Dogecoin price poised for 13% rally after finding support on a key level
Dogecoin price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE's development activity, reflecting optimistic sentiment among investors.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.