Ripple Climbs and Falls on Friday Following False Coinbase Re-listing
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Ripple (XRP) climbed to a daily high near $1.2500 today, following a sharp 14% gain on rumors that Coinbase had re-listed XRP as a trading option. However, the platform quickly pointed out that this was a technical glitch and that it had not re-listed the crypto asset. This triggered an immediate sell-off in the cryptocurrency, sending it back to the $1.1000 area.
In January, Coinbase delisted XRP as a precautionary measure against any legal trouble with the SEC after it sued Ripple Labs the month before. However, the Commission came for the crypto exchange earlier this week over its proposed Lending program. With this, the demand for the re-listing of XRP has increased significantly.
That said, XRP supporters have urged crypto exchanges, especially Coinbase, to begin re-listing XRP as a form of protest against the SEC.
Given his crypto-related academic background, the crypto community expected the new SEC Chairman Gary Gensler to adopt a more friendly outlook regarding the industry. However, Gensler appears to be following in the footsteps of his predecessor Jay Clayton.
XRP plunged to multi-year lows following the lawsuit in December 2020. Many analysts promulgated that the cryptocurrency might not recover from the fall. However, the seventh-largest cryptocurrency has proved its naysayers wrong and has recovered decently from the lawsuit-induced crash and could spike to significant highs if it wins the lawsuit.
Key Ripple Levels to Watch — September 10
Following its erratic Asian session on Friday, XRP appears to be taking the bearish path as the cryptocurrency falls to the critical $1.0500 pivot zone.
Bulls have to hold the $1.1000 – $1.0500 pivot area over the coming hours to prevent the trading bias from flipping from sideways to bearish. A sustained break below the $1.0500 level could accelerate a decline to the $0.9000 area.
Meanwhile, our resistance levels are $1.1000, $1.1500, and 1.2000, and our support levels are $1.0500, $1.0000, and $0.9500.
Total Market Capitalization: $2.09 trillion
Ripple Market Capitalization: $50.7 billion
Ripple Dominance: 2.42%
Market Rank: #7
