The price of the third-largest cryptocurrency by total value is up 16 percent Monday, buoyed by speculation it could soon see a major exchange listing.
Indeed, comments on social media indicate investors now expect XRP price to extend Monday's gains ahead of an alleged appearance by CEO Brad Garlinghouse on CNBC's "Fast Money" Tuesday. Also said to be on the program is Coinbase COO Asiff Hirji, a possible coincidence that's raising conjecture that the major U.S. exchange will add support for XRP trading.
Currently, Coinbase offers trading for bitcoin, bitcoin cash, litecoin and ether, meaning the addition of XRP could enable a new outlet for retail trading.
Still, while details about the appearance are scant (it's not clear if the two will be appearing together, and neither have tweeted plans for the show), XRP is trading at $1.05, having appreciated 16 percent in the last 24 hours, according to data provider CoinMarketCap.
Yet another potential driver is a surge in South Korean trading volumes, with four out of top 10 exchanges by trading volumes being based in the Asian nation. Indeed, Bithumb, in particular, has seen its XRP trading surge more than 30 percent on the day.
The rumor mill might keep XRP well bid for another 24 hours. That said, the price chart analysis indicates better days ahead of the XRP token.
The only factor that could be listed as the one favoring the bears is the bearish 50-day MA and 10-day MA crossover.
However, long-term moving average crossovers are lagging indicators. So, XRP looks set to take out the descending trendline (drawn from the Jan. 28 high and Feb. 17 high) resistance.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple, the company that oversees XRP development.
XRP image via Shutterstock
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Indeed, comments on social media […]
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