XRP Price Prediction: Monumental Bull Run Likely As Coinbase Initiates XRP Trading In New York?

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As an analyst with extensive experience in cryptocurrency markets and a keen eye for price action patterns, I see the recent development of XRP being relisted on Coinbase in New York as a potential turning point for the token. The ongoing legal battle between Ripple and the SEC has cast a long shadow over XRP’s future as a legitimate cryptocurrency. However, the resumption of trading in New York could be an indication that investors remain optimistic about its prospects.

As an analyst, I believe the recent listing of XRP on Coinbase, a prominent cryptocurrency exchange based in New York, signifies a fresh start for the token amidst its prolonged legal dispute. Based on current XRP price projections, key support levels at $0.52 and $0.5 could act as catalysts for the upcoming bull market. Consequently, the token’s value may surpass $1, generating fear of missing out (FOMO) among investors.

Coinbase Resumes XRP Trading In New York

Based on recent news from CoinGape’s latest report, Coinbase has announced the resumption of XRP trading in New York. This update was shared by the company’s Chief Legal Officer, Paul Grewal, on Thursday.

According to regulatory restrictions, New Yorkers couldn’t trade XRP on the given platform. Grewal shared on X that this choice resulted from extensive user input as well as interaction with state officials.

XRP trading on Coinbase is once again accessible in New York. We’ve collaborated closely with the state, addressing concerns, and are thrilled to announce our return.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024

Following the SEC’s lawsuit against Ripple Labs for suspected infringement of U.S. securities regulations, Coinbase chose to remove XRP from its platform.

As a researcher examining this situation, I would express it as follows: Although Coinbase halted trading activities for XRP, I was still permitted to retain my XRP holdings on the platform. Furthermore, deposits and withdrawals of XRP to external wallets were also an option for me. Additionally, I had the ability to view my current XRP balance.

Last summer, following the court decision that the sale of XRP in the secondary market was not classified as a security, Coinbase restarted its trading platform for this digital asset across the United States, with the exception of New York.

The restarting of XRP transactions serves as proof that this cryptocurrency has a promising future, despite the ongoing legal dispute over the token’s sales to institutional investors. The judge has indicated that these direct sales could potentially equate to unregistered securities, but the final outcome of this aspect of the case remains undetermined.

XRP Price Prediction As Pennant Pattern Forms

As a researcher observing the XRP market, I’ve noticed that its recent recovery above the $0.5 mark, which peaked at $0.54 on Monday, is a promising sign. If market conditions continue to improve, it’s plausible for XRP to close the gap and reach the $1 threshold.

In spite of the market instability observed since midweek, XRP has managed to hold its ground and protect the $0.52 level as a key support. This defensive action has prevented significant selling pressure from building up around the crucial $0.5 price mark.

The 20-day Exponential Moving Average (EMA) adds credence to the bullish perspective and acts as a support level at $0.52 for XRP‘s price. Nevertheless, for the uptrend to persist, XRP must surpass its current hurdles at $0.5354 (50-day EMA) and $0.5595 (200-day EMA).

XRP Price Prediction: Monumental Bull Run Likely As Coinbase Initiates XRP Trading In New York?

As a researcher studying financial markets, I’ve observed that the Relative Strength Index (RSI) indicator on the chart remains above its midpoint, signaling a bullish trend. This finding adds credence to the bullish hypothesis and implies that another potential breakout could occur this week. My analysis suggests that significant resistance levels lie at $0.65, $0.8, and $1.

Despite the prominent appearance of a bearish pennant formation on the daily chart, XRP‘s price may initially decline and touch $0.45 for support and potential liquidity, before subsequently surging back up towards $1.

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2024-05-23 19:28