Categories: CryptoNews

Coinbase Rejection Sends XRP Price Into Downward Spiral

It would appear the reality has caught up with XRP price speculators. As was mentioned yesterday, the rumors regarding Coinbase adding this digital asset have been proven to be utterly fake. As such, the XRP price is taking a big hit right now, with the value dropped well below $1 once again. The current onslaught in the Bitcoin market isn’t helping matters much either.

Stiff Reality Check for the XRP Price

It is not entirely surprising to see the XRP price go through a rollercoaster ride of momentum right now. The most recent uptrend was fueled entirely by Coinbase speculation. Everyone with any common sense knew all too well the exchange has no intention of adding XRP or any assets to their platform as of right now. It is possible that situation will change, but unless the company announces so themselves, any further rumors need to be disregarded.

With this information now being confirmed by Coinbase, the XRP price is taking a big hit. It is worth noting this is not just due to this particular bit of news, though. All other cryptocurrency markets are in the red as well, with the Bitcoin price dropping by nearly 5% for no good reason. This also impacts the XRP price in a negative manner, as it compounds the downtrend even further.

As such, we are now looking at an XRP price of just $0.94. Compared to early 2017, this is still well within bullish territory, but it has become evident XRP will face some issues maintaining a price of over $1. Right now, the XRP price has lost 11.46% over the past 24 hours alone, and it is very likely this value will continue to drop in the coming hours. The markets all look extremely bearish for the time being.

With $1.16bn in 24-hour XRP trading volume, things are not looking terrible for Ripple’s asset. Even though people are more interested in selling XRP than actually buying it, this new dip also creates a lot of new buying opportunities for long-term holders and speculators. Quick profits should never be overlooked in the world of cryptocurrency, and the XRP market is no exception in this regard.

Bithumb once again reigns supreme when it comes to XRP trading, as their volume is well ahead of any other trading platform. Binance and Bitfien complete the top three, followed by Upbit and Huobi. We actually see 11 different exchanges in the top 11 ranked by volume right now, which is a very rare turn of events. Of those 11 exchanges, 6 provide fiat currency gateways, and three of those are in Korean Won.

For the time being, it seems safe to assume we will see the XRP price decline even further in the coming hours, especially if Bitcoin goes into full bearish mode. That doesn’t mean the XRP market will not rebound, mind you, but for now, it seems better to cut losses if you are still close to the breakeven point. All markets will continue to suffer for the remainder of the day, yet we can hope tomorrow is a different day altogether.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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