Coinbase Speculation Raises XRP Price Baseline
The XRP price rollercoaster has been taking investors on a wild ride this week amid another round of Ripple-based speculation. Still reeling from the teaser that xRapid will soon be released on a commercial scale, the price of XRP continued to surf a wave of positive momentum towards the $0.74 mark on September 22. Although the wave broke and the price of XRP in dollar dipped to $0.51, the coin has rallied again thanks to Coinbase.
XRP Price on the Move Again
Although the largest crypto exchange in the US stopped short of making any formal announcements, it has said that it is eager to increase the speed at which it lists new digital tokens. For those interested in Ripple and XRP, that’s a positive. Although there are currently plenty of ways to buy XRP online, Coinbase is seen as “the” exchange to be on. As a result of this, anytime the company says it’s considering a new batch of listings, the value of the top cryptos surges. With XRP being the third most valuable by market cap, the natural assumption is that it will be a natural choice for Coinbase.
Boosted by nothing more than speculation, the XRP price chart has started to creep up. Looking at the XRP price live on September 27, a 2.27% overnight dip had taken the value of a single coin to $0.51. Even at that price, the coin powering Ripple’s xRapid platform is still trading almost $0.20 higher than it was at the end of August. What’s even more interesting to note is that this rise has come in the face of a bearish market. Although the Ripple/XRP dynamic still causes some confusion among casual investors, the fate of the two are nonetheless intimately entwined. Because of this, the hope that xRapid will be a hit is clearly having an impact on XRP’s floor price.
A New Bottom for the Price of XRP
Yes, the intraday markets have seen XRP price markers fluctuate wildly. However, if we expand our gaze, the low has steadily increased in recent weeks. Although we may need more time before we can confidently say that $0.50 is the new bottom for the price of XRP, things are certainly moving in that direction. If a new bottom is established at this point, we should expect to see more rallies towards the $0.80 mark moving forward. While there is always the possibility of XRP breaking $1 thanks to xRapid becoming an instant commercial success, the likelihood is that this will take a while.
For now, those looking to buy XRP should look to consider entering at any point below $0.50. If current trends are any indication of mid-term movements, this price should offer some margin for growth in the coming months.
*Information in this article should not be taken as investment advice.