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Coinbase extends XRP trading access to New York users; coin pumps by 22%

Febin Jose

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Coinbase extends XRP trading access to New York users; coin pumps by 22%
Source: Pixabay

Bitcoin’s resilient bullish rally over the past two weeks lifted the prices of almost all altcoins, owing to the domino effect that the king coin had on the collective market. However, XRP failed to post any consistent improvement in valuation, settling for meager single-digit rises over the past week. On May 14, the tables turned as XRP was pumping by over 20%, while registering a significant market cap of $16.32 billion, at press time.

Though many factors contributed to the sudden surge, the crypto-community attributed the hike to a major development announced by Coinbase, one of the leading crypto-exchanges in the United States. After three months of its launch, XRP was finally made available to trade for New York users on May 13. This meant that investors could now buy, sell, convert, send, receive, or store XRP without any hindrance or restriction.

Coinbase made the announcement via Twitter,

Source: Twitter

Source: Twitter

Though XRP was launched on Coinbase in February 2019, users from the state of New York were restricted from trading the cryptocurrency due to issues over destination tags which were necessary to make XRP transfers. Along with New York users, Coinbase users from the United Kingdom have also been restricted from trading the cryptocurrency.

Apart from the development from Coinbase, another reason which was attributed to XRP’s double-digit rally was the cryptocurrency being listed as an exchange-traded note on a German stock exchange, Börse Stuttgart.

The XRP community was thrilled by the news, with Reddit and Twitter buzzing with activity following the announcement. A Twitter user, @Naturallypaid_, said,



“I LIVE IN NYC , YOU KNOW HOW LONG I WAITED FOR THIS TO HAPPEN …. BOOOOOOOOOOMMMM.  READY TO STACK MY BAGS MORE NOW !!!!”

A Reddit user, ripplemesilly, said,

“We have a bitcoin rally that pulled a few coins up including xrp, and then now they announce this… Feels like it was intended at this particular time.”

Some Reddit users started speculating the launch of XRP access in the UK. LondonLexus said,

“When UK? It’s A right royal pain in the a*se that we still have to buy other coins and then transfer to another exchange and then convert to XRP. Muckers!”





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross

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XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross
Source: Pixabay

On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.

Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.

The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.

Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.

On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.



Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.

XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.





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