Ripple (XRP) is the bank coin and is already used by many. The picture shows many XRP Coins with a smartphone and course history.
After its rapid rise to $ 0.90 on Coinbase, the XRP price collapsed again just as spectacularly within seconds. Nonetheless, Ripple’s native cryptocurrency has undoubtedly awoken from its deep winter and has seen a real price explosion with a price increase of 53.4% in the last 24 hours.
The XRP price climbed to over $ 0.90 on the US cryptocurrency exchange Coinbase today, and then plummeted by about 30% within seconds. Ripple’s XRP thus marked its highest price level since May 2018 – if only briefly.
In this article, we’ll look at what’s behind this roller coaster ride of the XRP course and how Coinbase has to do with it. Of course, we also take a look at the chart to analyze how things could go from here.
What is behind the rapid rise and fall in prices? Where is the journey headed for XRP? Let’s find out!
XRP course blast powered by Coinbase traders
The price level near the $ 1 mark was apparently driven by Coinbase traders. The assumption is reasonable since the XRP price did not reach the same highs on other exchanges. Bitstamp and Binance, for example, only saw a high of „only“ $ 0.79 during the same spike.
The rapid increase in the XRP price on Coinbase followed by the crash. Source: Tradingview.
Many also suspect that the sudden crash is directly related to technical problems on Coinbase. In any case, the hashtag “Coinbase” on Twitter started to get under fire in the United States.
While Coinbase’s official status page currently states that everything is working normally, other sources show that the exchange is actually struggling. For example, the following graph shows that there were defaults on the stock exchange this morning.
Ripple’s Buy Back program boosts the price
Attentive readers of CryptoMonday.de should not have missed the fact that a positive momentum has developed in the XRP course.
Also read : XRP price increase of 173%? According to the analyst, the bullrun should now also reach Ripple’s XRP
Both from a technical point of view and more fundamentally, there were enough indicators that pointed this out. Above all, the news about a so-called „buy-back program“ from Ripple in its last quarterly report should have given the necessary confidence in the future price trend of the cryptocurrency.
On the weekly chart of XRP we can also see that a complex head-shoulder-bottom formation had formed and, when crossing the neckline, led to an explosive price increase within the last two weeks. But it is clear that this steep rise calls for a correction. Especially since $ 0.80 appears to be resistance.
Possible support levels are found at $ 0.60 and $ 0.50. Should the XRP course succeed in establishing one of these levels as support, this would in any case be constructive for its future price development. Ripple’s XRP is currently trading at $ 0.65.