In the last 24 hours, ripple rallied owing to a rumor that the next announcement by Coinbase will be the addition of Ripple. However, the latest announcement by Coinbase turned out to be the launch of an index fund. Coinbase stated that owing to the overwhelming demand from the investors, it is launching an index fund.
Rumors proved to be wrong:
As it became clear that Coinbase is not adding ripple, correction has started in ripple. Currently, it is trading around $ .92. It reached a high of $ 1.08. Ever since then, it has been consistently falling as well.
Many of the analysts currently believe that if the future of Ripple is uncertain and if it is not able to list on more exchanges, the future prospects of Ripple will certainly be impacted. According to a financial analyst Paul Robinson, the Ripple has been trading at a support level of around $ .87 for 2 months. However, if it is not able to rise further, it will break the support as well. This will make it go all the way down to $ .66.
Many of the Ripple investors are actually disappointed that Coinbase did not announce ripple integration.
However, when Coinbase last added Bitcoin cash, it clearly stated that adding another coin is a long time away. This is the reason why it dint launched any coin since then. With the ripple platform gaining more and more clients each and every week, it remains to be seen how longer exchanges are able to avoid this coin. For now, however, it seems like Ripple is not going to be integrated with Coinbase.
The current downturn it seems to have again brought to $ .92. This is the support zone for ripple. Most of the traders will closely watch whether it is breaking that support zone or not. If indeed, it is making that support zone, it can easily move to around $ .50. This is the reason why it is being closely watched as well. Only when it is able to cross the $ .87 level and rises further, it will be able to gain any traction. This is the reason why is it is being closely watched. Also, the momentum in Ripple is on the lower side. Ever since the rumor turned out to be false, the volumes have fallen further as well. This is the reason why very few investors currently believe that it will be able to again gain support at the $ .82 level. Many investors and traders currently believe that it has headed for lower levels.
David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.
