XRP investors remain unfazed by Coinbase’s delisting, driving the token’s value higher
Despite news on November 29 that crypto exchange Coinbase would discontinue wallet support for the seventh-ranked digital currency by market value, XRP sentiment remains strong.
XRP is now trading at $0.40, a gain of almost 2% in the previous 24 hours. In addition, the weekly chart suggests that Ripple’s native token has increased by over 7 percent.
Following a short period in which XRP saw substantial selling pressure as investors attempted to take gains, the price increased. The pattern caused XRP to lose nearly $800 million in a single day.
In recent weeks, XRP has defied the broader crypto market price trend by trading mostly in the green zone, resulting in a three-week straight green candle. However, Coinbase’s delisting was likely a trigger for a probable correction.
Notably, Coinbase Wallet stated on December 5 that it will cease supporting XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) due to poor use.
However, it may be inferred that XRP’s momentum is due to Ripple Labs’ tiny victories in the Securities and Exchange Commission’s continuing dispute (SEC). In this line, legal experts predict that the lawsuit may be decided in Ripple’s favour, a positive driver for the XRP surge.
For instance, XRP appreciated after the presiding court decided on the release of the Hinman papers and the acceptance of the amicus arguments.
In addition, based on the current price movement of XRP, the community has set its sights on reaching the $0.5 mark, which may usher in a path towards $1. According to research by Finbold, XRP has to break over $0.40 before it can seek a rise to about $0.45.
Similarly, Michael van de Poppe, a crypto trading specialist, tweeted on November 30 that he thinks XRP may reach $0.49.
As the XRP community awaits the resolution of the SEC lawsuit, the technical analysis of the asset remains impartial. The summary of the daily gauges on TradingView corresponds to ‘neutral’ at a value of 10, equivalent to moving averages at a value of one. Elsewhere, oscillators may be purchased for two.
The XRP community on CoinMarketCap continues to be positive. According to Finbold, the community forecasts that the price of XRP will reach $0.42 by the end of 2022.