- 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:
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
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
