Last week Cryptolinenews reported on Ripple’s great performance that pushed it briefly to the second largest cryptocurrency after Bitcoin. However, Ethereum managed to regain its position later after Ripple (XRP) dropped below $0.5 on 24 September. Today morning, however, XRP price surged following the announcement of positive developments.
Price Analysis
XRP’s price bulls had come to an abrupt end after last week’s 100% Price rise. The surge was as a result of investors piling into the coin after the announcement that Ripple Labs would launch a new product that could help banks speed up transactions. In the slump, XRP dropped 15%, taking it down from its previous peak.
However, XRP has gained 15% in the last 24 hours following the announcement of positive developments. Currently, the coin is changing hands at $0.52 after it managed to recover from previous losses. Additionally, the 100 SMA just recently completed its bullish crossover from the 200 SMA to signal that the path of least resistance is to the upside.
Moreover, signs show that more bulls may have joined in on the dip to the 61.8% Fibonacci retracement level. As such, the coin’s price could be well on its way upwards towards the next target at the $0.600 level or higher close to $0.800.
Positive developments
The sudden XRP pump followed Coinbase’s announcement that it was overhauling its cryptocurrency listing process. This is meant to replace what had largely been a cautious, ad-hoc approach to one that more closely mirrors the processes through which other exchanges approve coins for listing. The announcement clearly indicates Coinbase’s intention to list more assets, which the exchange identified as one of its customers’ main requests.
Also, the SWELL event will be attended by IMF officials such as Bill Clinton and Ross Leckow. These are key figures who have achieved tremendous success in their fields and their presence will have a huge impact on XRP.
Do you think these important figures will have any significant impact on XRP’s adoption and consequently prices?
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