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Highlights
- XRP now available for trading on Coinbase in New York.
- Coinbase lauds customer feedback and collaboration with state authorities for the development.
- XRP price defends support at $0.5 while seeking liquidity for the next move to $1.
The relisting of XRP by Coinbase, a leading cryptocurrency exchange in New York, could mark a new beginning for the token embattled in a longstanding court battle. According to the XRP price prediction, support at $0.52 and $0.5 is likely to springboard the next bull run, boosting the token above $1 and igniting FOMO among investors.
Coinbase Resumes XRP Trading In New York
According to the latest report by CoinGape, Coinbase has moved to resume the trading of XRP in New York. The development was made public by the company’s Chief Legal Officer, Paul Grewal on Thursday.
Due to jurisdiction rules, residents of New York were not allowed to buy and sell XRP on the platform. Grewal explained on X that the decision was arrived at after considering the overwhelming user feedback not to mention the engagement and collaboration with state authorities.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
Coinbase delisted XRP after the Securities and Exchange Commission (SEC) filed a case against Ripple, the issuing company for alleged violation of US securities laws.
Although Coinbase stopped the trading of XRP, users were allowed to keep their balances. Deposits and withdrawals to external wallets were also allowed. Moreover, users were allowed to view their balances.
After the court ruled that secondary sales of XRP did not constitute securities in July last year, Coinbase resumed trading in the US but not in New York.
The resumption of trading is another assurance that XRP has a future as a cryptocurrency despite the ongoing lawsuit due to the sales of the token to institutional investors. The judge said that direct sales to investors could constitute unregistered securities. This part of the case is yet to be determined.
XRP Price Prediction As Pennant Pattern Forms
The recovery above $0.5, which also tagged $0.54 on Monday affirmed the potential for XRP to rally and close the gap to $1 if market conditions improved.
Despite the volatility faced since Wednesday, XRP has continued to defend support at $0.52, thus keeping pressure on the sell-side from the pivotal $0.5.
The 20-day Exponential Moving Average (EMA) also reinforces the bullish outlook and support at $0.52. However, XRP price must rise above the 50-day EMA at $0.5354 and the 200-day EMA at $0.5595 to validate the continuation of the uptrend.
The Relative Strength Index (RSI) on the same chart holds above the midline, reinforcing the bullish thesis. Another breakout attempt is possible this week. Key targets include $0.65, $0.8, and $1.
Nevertheless, conspicuous on the daily chart is a bearish pennant pattern. If validated, XRP price could first drop below $0.5 and seek support and liquidity at $0.45 before resuming a major rebound to $1.
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