It’s an exciting trading day for XRP (XRP), with the price moving up and down in a highly volatile environment. This follows news that Coinbase would he listing XRP (XRP). Yesterday, Coinbase announced via their blog that they would be listing XRP (XRP). This saw the price of XRP shoot up by over 10% and test highs of $0.34 on some exchanges. Interestingly, after testing resistance on the 1-hour charts at $0.345, it has rescinded and has been going down. It is now trading at a demand zone between $0.327 and $0.321. If it breaches it, then XRP could be headed back to the prices it was trading at, before the Coinbase pump. This is interesting because, a listing on Coinbase has been one of the most anticipated events by XRP investors.
It was one of the factors largely projected as possible triggers to an XRP bull run. If this price action plays out as a quick pump, then back to the norm, then investors can deduce one thing, exchange driven FOMO is dead. It would mean that exchange listing can no longer be counted on to change market trajectory. In 2017, XRP could probably be trading upwards of $0.40 at this point based on FOMO alone. But this is not unique to XRP (XRP). Lots of cryptos have been added to major exchanges since last year, and their prices haven’t moved much.
In essence, the best bet for a crypto Bull Run going forward, is individual crypto fundamentals, and positive sentiment towards Bitcoin (BTC). On the aspect of fundamentals, XRP (XRP) is without a doubt a cut above the rest. This is a crypto that aims to disrupt the banking industry from within. It is aiming to be the leader in cross-border payments, by drastically cutting on the times taken to send money from one country to another. Already it is finding favor in countries like Japan, Singapore and many other Asian nations. As its benefits become clear to the banking industry, it will gain in adoption all across the world. This could see its value grow significantly in coming years. In essence, its long-term trajectory is upwards, as crypto space becomes more mature.
The second factor investors need to consider, which is also increasingly looking favorable, is the price of Bitcoin (BTC). Bitcoin (BTC) has over time become the price mover that can no longer be discounted in crypto space. It’s only when it moves that the market moves. For instance, when it pumped to $4200, everything else followed. In essence, even as investors watch the fundamentals of XRP, it is best to also keep an eye on the price action of Bitcoin (BTC). Luckily, Bitcoin (BTC) seems to have found a bottom at $3200 and is now entering into a consolidation phase just above it. This means that a Bitcoin bull run is imminent. As it happens, fundamentally sound cryptos like XRP (XRP) will see an exponential rise in value. The future is bright.