Home Ripple Price Slides Below $1.10 (-10%) As Coinbase Denies Relisting XRP
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Ripple Price Slides Below $1.10 (-10%) As Coinbase Denies Relisting XRP

  • Ripple price rose as much as 12% following of rumours that Coinbase was re-listing the cryptocurrency.
  • Coinbase quickly denied the rumours saying that the appearance of four XRP trading on their mobile trading app was a technical error.
  • XRP price retraced immediately falling as much as 10% on Thursday.

On Wednesday September 09 XRP trading pairs started appearing on the mobile app of the Coinbase Pro exchange. The Ripple price then skyrocketed by approximately 12% in just minutes as trading volumes started picking up on the crypto exchanges that trade the international remittances token.

However, Coinbase swiftly clarified that it had not re-listed Ripple on Coinbase Pro.

Coinbase Pro Is Still Not Trading XRP

Four XRP trading pairs ((XRP/BTC, XRP/USD, XRP/GBP, and XRP/EUR)) showed up on the Coinbase Pro mobile platform, leading investors to believe that the US-based crypto exchange had relisted the cross-border payments token.

In a swift move Coinbase denied the rumours indicating that the cryptocurrency temporarily appeared the Coinbase Pro mobile app due to a technical error. In a tweet, the crypto trading platform explained:

Coinbase tweet

As it became evident that the re-listing had not happened, the XRP price dropped by as much as 10% almost wiping out the entire Coinbase-driven rally.

Ripple (XRP) was indefinitely delisted by Coinbase on January 2019 when the US Securities and Exchange Commission alleged (SEC) claimed that crypto was an unregistered security and started a landmark lawsuit against Ripple Labs.

It is worth noting that Coinbase has also been facing a lawsuit from the SEC and many Ripple community members have asked the exchange to re-list XRP to show solidarity with Ripple Labs against the regulator.

Ripple Price Trades Below The $1.30 200 SMA

The Ripple price fell by as much as 10% after  Coinbase denied the relisting rumors undoing all the quick gains made in the day. XRP is currently trading at $1.092 with a bearish bias and has, overall, dropped 4% over the last 24 hours.

XRP is now trading under immense resistance at the $1.147 level coinciding with the 200 four-hour Simple Moving Average (SMA). Even though yesterday’s price hike driven by the Coinbase re-listing rumour pushed the Ripple price past the $1.10 major resistance level, the momentum quickly steamed out.

Note hat XRP needs to overcome the 200 SMA at $1.147 to be able to move upward. A clear and decisive bullish breakout will be achieved if XRP also rises above the next major resistance level poised by the 100 four-hour SMA at $1.187. If this happens, XRP/USD price could tag the $1.20 psychological level. A further movement upwards could see Ripple tag the 50 four-hour SMA at $1.224 or the $1.30 psychological level.

Note the parabolic SAR flipped from negative to positive at the same time the MACD sent a buy crypto signal when the MACD line crossed below the signal line earlier today as seen on the four-hour chart.  This increases the odds of XRP’s bullish narrative.

XRP/USD Four-Hour Chart

Ripple Price Four-Hour Chart
Ripple Price Four-Hour Chart. Source: Tradingview

In the meantime, the short-term XRP price prediction is bearish as shown by the Relative Strength Index (RSI) indicator. The nose-diving RSI towards the overbought zone shows that bears are in control of XRP price and that the correction might continue in the near term.

Therefore, a failure to close the session above the $1.10 level will see XRP continue to drop towards the $1.0 support wall.

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Nancy Lubale

Nancy Lubale

Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council.