For a brief moment on Thursday night (9), Coinbase customers were surprised to see XRP among the cryptocurrencies listed on the platform. The happiness of some was short-lived and the brokerage soon went public to say that it was all a misunderstanding.
“As announced in the past, Coinbase has suspended the XRP negotiation. Due to a technical issue, the XRP was temporarily visible in the Coinbase Pro mobile app for some customers, but it was not negotiable.” he wrote on Twitter the American exchange.
As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.— Coinbase Pro (@CoinbasePro) September 10, 2021
The broker did not give further details on what caused the “technical error”, but the case had a direct impact on the currency’s price. In just over an hour, the XRP went from $1.08 to $1.24, up 14%.
When Coinbase clarified that it had not relisted the token, prices soon dropped back to a day low of $1.06. In the last 24 hours, XRP faces a 3% drop, a loss that climbs to 14.7% in the last seven days, according to CoinMarketCap.
SEC vs Coinbase and XRP
Coinbase dropped XRP last year when Ripple, the company behind the currency, started being sued by the US Securities and Exchange Commission (SEC). Interestingly, XRP reappeared on the platform the week Coinbase itself became the target of regulators.
Brian Armstrong, CEO of Coinbase, revealed on his personal Twitter account that the SEC threatened to sue the exchange if it offered income to users through its loan product. According to Armstrong, the SEC said the product is a security offering, but declined to explain how it arrived at this understanding.
The regulators’ behavior infuriated the businessman who accused the SEC of operating “intimidation tactics behind closed doors” rather than clearly guiding the industry.
XRP fans took advantage of the tense atmosphere to press Coinbase to re-list the currency. “Stay with Ripple against the SEC. Otherwise, the SEC will feed on crypto space for decades. Last chance, Coinbase”, he wrote @xrpmaximalist.
Re-list XRP. Stand with Ripple against the SEC. Otherwise, the SEC will feed off the crypto spqce for decades. Last chance, Coinbase.— xrpmaximalist (@xrpmaximalist) September 10, 2021
Despite this, most of the crypto community believes this could take a while to happen. “They won’t list XRP again until the SEC v. Ripple lawsuit is over. Just because there’s an issue between the SEC and Coinbase over the technology doesn’t mean they go straight to the case by spitting on the SEC. They don’t want problems.” opined @technikg.
In discussions, many users also criticized the technical errors that are becoming recurrent in the exchange that is now the most used in the United States. Last week, Coinbase sent 125,000 customers a misleading notification that their account’s two-factor (2FA) settings had changed.
The messages were not true but came from official exchange channels, which caused panic among investors about the safety of their funds.
XRP price on edge of cliff as Ripple faces imminent collapse
- XRP price falls below key Ichimoku levels on the weekly chart.
- Key oscillator divergence may hint at near-term support.
- The threat of a 34% drop, however, remains likely.
XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.
XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions
XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.
The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.
Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.
XRP/USDT Weekly Ichimoku Chart
There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.
Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.
40 Million XRP Moved to Binance Exchange and Sold Immediately
Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers
While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.
According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.
Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.
The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.
The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.
The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.
At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.
WILL RIPPLE AND XRP STEAL THE SHOW AT THE JP MORGAN CRYPTO ECONOMY FORUM?
What will be the trends in the cryptocurrency space in 2022 and what will be the role of XRP once the SEC v. Ripple lawsuit is finished?
We’re headed toward the last month of 2021, a year that saw the cryptocurrency market reaching new all-time highs both in overall market cap and asset prices.
Investors and the digital asset ecosystem are now looking for signals of what to expect in 2022 and onwards as the industry matures.
JP Morgan, one of the world’s largest investment banks, will be hosting its JP Morgan Crypto Economy Forum tomorrow, November 30.
SEC V. RIPPLE AND XRP ADOPTION UNDER THE SPOTLIGHT
A JP Morgan report sent to investors earlier this month put XRP and the SEC v. Ripple lawsuit under the spotlight and concluded that a win would put the crypto asset on the road to mainstream adoption. More on that, here.
Coinbase, which was mentioned as a key player for relisting XRP, announced it will participate in the forum and will be represented by CEO Brian Armstrong and Lead Independent Director Fred Wilson. The exchange operator will share the fireside chat on a live webcast. For more information on time and link to the webcast, here.
Ripple has successfully accelerated its global expansion this year despite fears that the lawsuit could cause hesitancy among institutional partners. Now it seems that the blockchain firm will be hiring a few hundreds in 2022 as they prepare the launch of the upcoming Liquidity Hub.
On top of that, the XRP Ledger has just had a “game-changer” upgrade that took a year to come into effect and it’s likely to strengthen its appeal. Ripple’s CTO David Schwartz said it was “awesome news”.
JP MORGAN MOVES IN CRYPTO
The bank is one of the big ones joining the crypto movement, having created its own digital coin for payments (JPM Coin) and providing wealth management clients with access to crypto via Grayscale and Osprey trusts as well as an in-house Bitcoin fund.
JP Morgan has also been on the headlines admitting that institutional investors are increasingly replacing gold with Bitcoin and are also shifting favorites from Bitcoin to Ether.
As part of the trend in the crypto industry, the financial institution is keeping an eye on Bitcoin, Ethereum, and Dogecoin, as well as Polkadot, Uniswap, and Chainlink.
The JP Morgan Crypto Economy Forum will focus on “Today’s Ecosystem and Tomorrow’s Marketplace”. Conference attendance is by invitation only.
If you’re a client who would like to receive an invitation to the upcoming conference, you can contact your J. P. Morgan representative or email the relevant regional conference team: