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Rumoured Ripple-Coinbase Relationship Spurs XRP Price Escalation Earlier this Morning

Speculation that the third largest cryptocurrency (by total value) could be listed soon has buoyed its price, going up by 16% on Monday. From the comments on social media, investors are expecting the price to hold on past Monday. This is because there is an alleged appearance by CEO Brad Garlinghouse on CNBC’s “Fast Money” Tuesday. Coinbase COO, Asiff Hirji, is also expected to be on the program, a possible coincidence that’s raising conjecture the major U.S. exchange will add support for XRP trading.

Coinbase currently offers to trade for these cryptos: bitcoin, bitcoin cash, litecoin, and ether. This means that the addition of XRP is likely to enable a new outlet for retail trading. According to CoinMarketCap, XRP traded at $1.05 on Monday, having appreciated by 16%. This is despite the fact that details regarding the alleged appearance of Ripple CEO are still scanty and we are still not aware if he was to appear together with Coinbase’s CEO at the same time.

There is also another possible driver of the price escalation. The surge in South Korean trading volumes, with 4 out of top 10 exchanges by trading volumes based in the Asian nation. Bithumb, in particular, has seen its XRP trading surge more than 30 percent on the day.

It is expected that the said rumor will keep the XRP prices up for another 24 hours, and this gives a better outlook for XRP token. The daily chart also gives us a view that suggests that XRP was likely to close (as at 5 March) above $1.04329 (descending trend-line resistance on the daily chart), signaling a bullish breakout on the charts. Prices could then revisit $1.38. But as at today (6 March), XRP has witnessed a 2.36% drop, registering the price at $0.96

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