Friday, June 21, 2024

Rumor of Ripple’s coinbase linkup! Does it really carry any weight?

If you call it the worst performing year for Ripple, it would not be a wrong statement to make. Compared to the usual cryptocurrency trading and the performance of altcoins, the growth of Ripple was rather low. The landmark deal with MoneyGram did boost the chances to cross the resistance but was not really the case. Though, last few days have shown some encouraging trends. A few rumors flew out that Ripple is looking forward to linkup with coinbase and it fueled XRP exponentially. The resistance was crossed over and a huge price surge was duly seen. The question remains, Will it break the shackles of resistance for Ripple this year? Let’s just wait and see.

  • Latest price analysis for Ripple

Highs and lows are the most stressing yet entertaining part of cryptocurrency trading. Cryptocurrencies never stop to amaze and surprise. Well it can be welcoming for one while a shock for others. But the latest price surge of about 20% in a few hours’ time for XRP is rather encouraging. While XRP was continuously trading between $0.26 and $0.28, it crossed the resistance and went up to $0.306 in couple of hours. The reason is attached to the rumors of coinbase linkup. Simple moving averages and Relative strength Index are also showing positive trends. They have spiked into the zone of overbought zone. Thus, in the latest consensus. Ripple is flying high. Let’s see how far it actually goes.

  • Is it the make or break point for Ripple this year?

Seems so. Throughout the year, several analysts kept on saying that certain events may be the boosting factor for Ripple. But all those analysis went in vain. No real results were seen. But the recent rumor did give a spark, a ray of hope may be. The reason why is that it actually raised the price of XRP. It can be a real time booster for Ripple if the news really carry any substance. A slow year of Ripple needed something like that to come out of the resistance area and show some strength. They are going in the right direction as of now, but to keep up with that, is the real challenge. Only the time will and can decide that. We shall patiently wait for the outcomes.

Read more: Looking forward to invest in Cryptocurrency Market? Do not miss out on these 5!

  • Does the rumor carry any real substance?

Well, one thing is for sure, all the rumors do not just emerge out of anything. There must be some link and relation in between to fuel that. A look at the origin of the rumor will tell how much weight it really carries. It all started from a discussion in OECD Global Blockchain Policy forum. Speculations started straightaway when Breanne Madigan, the head of Ripple’s Global Marketing team, used coinbase as an example that could bring value to Ripple’s repute all around the world. Many started making their own perceptions and the statement does give much to ponder about. Time can only tell the truth lying behind. But as of yet, if Ripple manage to link up with the coinbase, it will be the mother of all boosters. This little rumor brought the daily volume to $2.5 billion from $850 million. Just imagine, it actually happens, and the hype and the time spent buying XRP would really worth it. It is on cards, will it happen? Remains the question. But in Cryptocurrency trading, always hope for the best and prepare for the worst.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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