Will relisting on crypto exchanges trigger a bullish breakout in XRP price?
- XRP was relisted by Canadian exchange Newton Crypto, sparking rumors of a relisting on Coinbase.
- Despite several social media campaigns from the XRP holding community, Coinbase has not relisted the Ripple token.
- Analysts are predicting a 55% rally in XRP if there is a resurgence in buying pressure.
XRP was relisted by Newton Crypto, a Canadian crypto exchange. The news has sparked rumors of a new listing by Coinbase, one of the largest cryptocurrency exchanges.
While Coinbase has come out in support of the remittance token in the SEC v. Ripple lawsuit, the exchange has not announced a new IPO.
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XRP relisting on exchanges begins with Newton Crypto
Newton Crypto, a leading cryptocurrency exchange, announced the relisting of XRP. This is an important milestone for the altcoin. In December 2020, the US financial regulator Securities and Exchange Commission (SEC) hit payment giant Ripple with a lawsuit. The regulator accused money transfer provider Ripple of an unregistered securities sale of XRP tokens. The SEC maintains that XRP is a security.
Following news of the lawsuit, several cryptocurrency exchanges removed the XRP token. Altcoin holders witnessed mass delisting from Coinbase, Kraken, Bitstamp, Crypto.com and OKCoin.
A new round of relisting from exchanges therefore comes as a relief to XRP holders who persevered through the legal battle between the SEC and Ripple.
Coinbase has joined US-based blockchain associations in supporting Ripple through an amicus curiae brief in the lawsuit. However, the exchange has yet to reveal a plan to relist the altcoin. Interestingly, a new IPO could lead to a rally in the altcoin as new listings result in massive price movements in assets on Coinbase. Experts termed this as “The Coinbase Effect.”
The XRP community of holders on Twitter ran several campaigns in an attempt to get the token back on Coinbase, to no avail yet.
Analysts are predicting a massive XRP price rise
Akash Girimath, technical analyst at FXStreet, has evaluated the XRP price trend and predicted a rally in the altcoin. Girimath believes that a resurgence in buying pressure could result in a 55% increase in the remittance token.
XRP price could reach the $0.609 level and this move could reverse the 69% crash from Q2 2022.
XRPUSDT price chart
A premature move above $0.448 could invalidate the bullish thesis and result in a trend reversal in the XRP price.
