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Ripple (XRP) Price Surges Off Chart Support - Coinbase Chatter Cited

Ripple (XRP) Price Surges Off Chart Support - Coinbase Chatter Cited

2018-03-05 14:30:00
Nick Cawley, Strategist

Ripple Price (XRP) News and Talking Points

- Ripple unable to beat support – jumps higher.

- Coinbase adoption rumor may be fueling the latest XRP price rise.

We have produced a brand new Guide to Day Trading Bitcoin & Other Cryptocurrencies to help traders successfully navigate this volatile marketplace.

Ripple Price Bounces off Technical Support Level

After spending two weeks probing the $0.86 - $0.93 support level without success, Ripple accelerated higher Monday, posting gains of nearly 20% to trade around $1.07 with heavy Asian buying leading the way. The chart now shows the February high around $1.20 as the next upside target ahead of the 61.8% Fibonacci retracement level at $1.38. On the downside the support zone identified in the chart below will become much harder to break through after the recent price action and may attract additional buying. The stochastic indicator is also indicating a further move higher and should provide additional support for XRP.

Ripple Price Chart Daily Time Frame (November 2017 – March 5, 2018)

Ripple (XRP) Price Surges Off Chart Support - Coinbase Chatter Cited

Ripple Price Rise on Coinbase Adoption Talk

The twitter rumor mill is awash with stories about Coinbase potentially adopting Ripple – opening the way to a potential new client base running into many millions – although these rumors may be based more on circumstance than fact. Coinbase announced Monday that the first 90 of 500 new personnel will start at the company to help deal with heavy demand from its 14 million users. Coinbase currently list just four tokens – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) – and the market is betting that the increase in personnel is predicated on the exchange adopting Ripple, which is currently the third-largest coin by market capitalization ($41.8bn) and the subsequent surge in turnover.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Ethereum, Ripple or Litecoin we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your opinion on Ripple and the latest surge? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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