Not even a ripple: coinbase news fails to rescue xrp from bearish trend
it was the announcement that ripple (xrp) investors had been anticipating for more than a year, but the news that crypto exchange giant coinbase was “exploring” support for the second-largest cryptocurrency failed to elicit even a microcosm of the sort of rally that even the mere rumor of a coinbase listing frequently catalyzed during the 2017 bull run.
ripple price (xrp) fails to capitalize on coinbase announcement
as seen in the chart below, the ripple price failed to secure any sustained momentum following the dec. 7 announcement, as a brief spike quickly gave way to the downward pressure that has plagued the crypto markets throughout 2018.
indeed, xrp not only failed to rally against the us dollar in the days following the news but also declined against bitcoin (btc), succumbing to a recent trend that has seen altcoins shed market share and btc cement its position as the dominant cryptocurrency. over the past five days, the bitcoin price is down 12.33 percent, while xrp has declined by a full 15 percent, with most of that divergence occurring over the past 24 hours.
a year ago, such performance would have been unheard of, as xrp saw multiple rallies based on mere rumorsthat coinbase would list the token. now that there is hard evidence that this will finally occur, the news has — pardon the pun — failed to make even a ripple.
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