One of the biggest and most well-known cryptocurrency exchanges in the US, Coinbase, has recently made headlines for its likely decision to relist Ripple (XRP) on its platform. This action follows the delisting of XRP from Coinbase in January 2021 as a result of the SEC's lawsuit against Ripple Labs.
The claim in the complaint was that XRP was really more of an unregistered security than a cryptocurrency, and that Ripple was selling unregistered securities.
But, if Ripple Labs prevails in the litigation, as per Coinbase's Chief Legal Officer (CLO), Paul Grewal, the exchange might relist XRP. Grewal said that Coinbase is closely monitoring the litigation and will decide on the relisting of XRP as soon as the legal issue is over.
The XRP community, which has been urging Coinbase to relist XRP for months, has welcomed this development. Despite their pleadings, Coinbase had delayed relisting XRP due to regulatory uncertainty and legal concerns. Coinbase may be willing to change its stance on XRP, though, given the likelihood that Ripple Labs would prevail in the litigation.
Current Market Situation for XRP
The XRP (XRP) is the sixth-largest cryptocurrency by market cap. Its price rose by 0.46% in the previous day, reaching $0.4352 at the time of publication. This places the company's overall market value at at $22.178 billion as of press time.
The XRP price increase over the previous 24 hours has improved the remittance token's already successful weekly performance. As a result, over the past week, the price of XRP has increased by more than 17%.
Technical Overview of XRP
Following a 2.59% decline in the early hours of this morning, the price of XRP has lost support from the 9 EMA line on the 4-hour chart over the last 4–12 hours. As a result, the price of XRP is currently resting on the 4-hour chart's 20 EMA line. The price of the altcoin is also sitting on a bullish trend line.
The trend line developed over the past three days as a result of the price of XRP printing higher lows since last Tuesday. The price of XRP increased over this time, going from a low of $0.3728 to a high of $0.4790 on Tuesday night. Following that, XRP's price fell throughout the course of the next 24 hours, falling to $0.4110 on Wednesday night.
Since then, the price of XRP has begun its second rebound, although it was only able to rise as far as $0.4537, which also serves as a significant resistance mark on the 4-hour chart for XRP.
The remittance token may depart the bullish advance it entered into three days ago if the price of XRP closes the most recent 4-hour cycle. If this level is closed below, XRP's price will fall in the next day to the next support level at $0.4225.
On the other side, if the RSI line is able to cross bullishly above the RSI SMA line on the 4-hour chart, this bearish thesis will be shown false. This could provide the boost the cryptocurrency price needs to overcome the previously noted resistance level at $0.4537.
After increasing by an astounding 25.76% on Tuesday, the price of XRP fell by more than 10% on Wednesday. With this decline, XRP's price lost the $0.4461 level's function as support, turning it into a level of resistance instead. At that time, the price of XRP has been unable to climb back up over the crucial level.
At the time of publication, the price of the remittance token is trading in a consolidation channel between $0.4206 and $0.4461. Additionally, the price of XRP continues to trade above the 9 and 20 EMA lines on the daily chart.
The wick under today's daily candle shows that there is currently some buy support in place for XRP. Before taking a long position in XRP, traders and investors may wish to wait for the price to close over $0.4461.
At the time of publication, the 9-day EMA is trading above the 20-day EMA. This shows that the price of XRP is now in a brief bullish cycle. But, if the price of XRP closes below the support level around $0.4206 in the coming 24 to 48 hours, it might not matter.
In the event that this occurs, $0.4 will be the downside target for XRP. Given that the daily RSI line slopes adversely toward oversold territory, the daily RSI indicator now supports this bearish thesis.