Ripple (XRP) Register Double Digit Expansion After CoinBase Pro Decision

Ripple (XRP) Register Double Digit Expansion After CoinBase Pro Decision

 

Latest Ripple (XRP) News

The race is on, and after Bitcoin meteoritic rise, the arena is set for the world’s third most valuable coin, Ripple (XRP). At the backdrop of a six-month, 10 cents consolidation, Ripple (XRP) is the second top performer in the top-10, adding a whopping 11.8 percent in the last day, breaching important resistance levels and hinting of underlying demand.

Well, the community is searching and the discovery is that Ripple (XRP) newfound momentum could possibly stem from two factors. The first is the listing of Ripple (XRP) ETNs at the Germany’s second largest stock exchange, Boerse Stuttgart. This no doubt is a boost and in their comment, Jürgen Dietrich, Head of Trading at the exchange had this to say:

“Interest in cryptocurrencies is still high. With the ETNs, investors in Germany can now for the first time through exchange-traded securities share in the performance of the major cryptocurrencies Litecoin and Ripple (XRP).”

However, a more solid explanation for this double-digit upswing could be the concession in New York. Known for being strict in the name of protecting “investors from their state”, CoinBase Pro now allows trading of XRP but only to New York clients.

Although it is tempting to speculate that this could be a direct endorsement of XRP as a utility, the pace at which the listing and consequent trading of the asset in NY is bullish, eye-popping and overly positive for the XRP community in all fronts.

XRP/USD Price Analysis

At the time of press, buyers are back. Not only is Ripple (XRP) trading above 40 cents, our first level resistance and buy trigger line, but the accompanying participation level could easily lift prices towards Dec 2018 highs.

This, if anything, is huge for XRP, an asset that has been underperforming and at one point being the third-worst performer after the likes of XLM and Binance Coin—at the wake of the Binance heist. Because of today’s upswing, every low is technically another buying opportunity.

Besides, the wide-ranging bar complete with a sharp spike in participation level is a confirmation enough that the double-bar bull reversal pattern of Apr-25-26 is valid. Furthermore, it is an indication enough that Q1-2019 lows of 30 cents is a strong support line marking the lower limit of Sep-2018 trend defining bull bar from where price action has been trending inside.

Therefore, as Fibonacci retracement rules dictate, it is likely that bulls will retest Sep 2018 highs and that mean risk-averse traders should aim at this mark, loading up on every pullback as price action trade in a bull breakout trade.

Chart courtesy of Trading View—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.