XRP fell 30% on December 29 after Coinbase’s decision to suspend trading.
Market sentiment over XRP has turned largely negative due to concerns about new initial public offerings.
In the short term, XRP faces three major historical support levels: $ 0.224, $ 0.1743, and $ 0.1471.
Where will the XRP bonus go next?
The constant evolution of XRP price is neither cyclical nor dependent on technical analysis. This is due to the fact that investors are selling XRP after trading on the major cryptocurrency exchanges is suspended.
On December 29, Coinbase announced the suspension of XRP trading pairs on its platform. Paul Grival, Coinbase’s chief legal officer, writes:
“In light of the SEC’s lawsuit against Ripple Labs, Inc., we have decided to suspend XRP trading pairs on our platform. Trading will not be bypassed until Dec 28, 2020 at 2:30 pm PDT and will be completely suspended on Tuesday. 2021. 10:00 PDT. * We will provide further updates, if any, through the Coinbase Twitterbase account, including whether there have been any changes over time. ”
As Cointelegraph previously reported, analysts expected Coinbase to halt XRP trading after the US Securities and Exchange Commission filed a complaint.
Coinbase plans to review its original listing and it is in the company’s best interest to fully comply with US regulatory requirements.
Given the regulatory uncertainty surrounding XRP, traders stress that technical analysis doesn’t matter much in the short term. Scott Melker, cryptocurrency trader said:
“Several people have told me there is bullish rejection from oversold on the USD XRP chart. You’re doing it wrong. The charts don’t matter here. You can’t trade in a vacuum. Jesus could come with Biggie and Tupac and give a concert for Brad Garlinghouse, and I still am. I will not buy it. ”
For the foreseeable future, XRP has several key support areas from which it could rebound. Nevertheless, these are deep support levels on the weekly chart and show that there is no momentum for a major bounce.
The price of XRP is down more than 60% in just two weeks and posted one of the biggest two-week falls in history.
what happened after that?
Adam Cochran, Partner at Cinneamhain Ventures, was one of the first to tell the story that Coinbase is in talks to suspend trading of XRP.
Cochrane suggested that the SEC will likely review more enterprises and companies than people know. He said:
“If you thought my article on Coinbase $ XRP disqualification / comment was insightful, you’ll love the next one I’m working on this week. The SEC looks a lot more energetic than we thought and sniffed out a number of projects and companies!”