Ethereum (ETH/USD) Hits a New Record High, Ripple (XRP/USD) Soars, Coinbase to List on Nasdaq
Ethereum (ETH/USD) & Ripple (XRP/USD) Price, Analysis and Chart:
- Ethereum continues to post new highs.
- Ripple accelerates higher over the weekend.
- Coinbase lists on Wednesday, April 14.
Ethereum continues to print new highs and it is likely that this will continue with little in the way of any resistance around at the moment. We have noted over the last few weeks that momentum in the crypto-space is increasingly bullish and that any setbacks should be seen as an opportunity to enter the market.
Going forward, Ethereum remains bullish with downside protected by the recent block of trades between $1,935 and $2,130. If this zone of support holds, and with it the series of higher lows and higher highs, it is likely that Ethereum will continue to push higher in the foreseeable future.
Ethereum Daily Price Chart (September 2020 – April 12, 2021)
One of the most closely followed and traded cryptocurrencies, Ripple (XRP/USD), is waking up after missing out on the heavy rallies seen in a range of other cryptocurrencies. The weekly chart shows Ripple taking out recent highs with ease, most of this price action happened last Monday, while the price accelerated higher again over the weekend, touching $1.50 before edging back to a current level around $1.38. A series of higher lows dominate trade over the last 9 days and as long as Ripple stays above $1.32, then further gains may be seen. While a range of other high-profile cryptocurrencies are making new highs, Ripple is still some way off its spike high of $3.30 made back in January 2018, leaving further upside potential.
Ripple (XRP/USD) Daily Price Chart (January – April 12, 2021)
Chart via TradingView.com
The largest cryptocurrency exchange in the US, Coinbase, is expected to list this week on Nasdaq with a potential market valuation of $90 billion to $100 billion. According to reports, the company will not list via an IPO but instead come to the market by a direct listing, saving the exchange potentially hundreds of millions of dollars in fees. Coinbase has seen a surge in business and new customers of late, with its latest quarterly results showing the company making $1.8 billion in revenue while its customer base grew from 43 million at the end of 2020 to 56 million. Interest is expected to be high and a successful listing will add further credibility to the cryptocurrency space.
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