Why did the cryptocurrency XRP rise more than 14% in the last 24 hours and then decline?
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Answer Why did the cryptocurrency XRP rise more than 14% in the last 24 hours and then decline?
The price of the digital currency XRP surged to a new daily high at $1.24 after a sharp 14% rally within 10 minutes before dropping to the $1.10 level again.
What is the reason behind that?
The sudden rise in the price of the seventh largest cryptocurrency is attributed to a rumor that it was returned to trading on the Coinbase Pro trading platform.
A technical glitch or error on the part of Coinbase resulted in traders seeing the option to trade XRP on the platform.
But Coinbase was quick to point out the flaw, and indicated that it had not actually reinstated XRP.
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As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some clients but was not tradable.
– Coinbase Pro (CoinbasePro) September 10, 2021
Going back to the lawsuit filed by the SEC last January against Ripple, most of the major cryptocurrency exchanges took action to delist XRP to avoid any legal issues with the SEC.
But now that the SEC has threatened Coinbase with a lawsuit related to the yet-to-be-released lending product, the demand for XRP re-listing has increased exponentially.
Proponents of XRP reminded the crypto community how they did not stand with them when the SEC moved against them.
Hey Tweet embed Tweet embed Will the Securities and Exchange Commission get angry with a reinstatement #XRP?
– XRPcryptowolf (XRPcryptowolf) September 10, 2021
These proponents demanded that platforms and funds, especially Coinbase, begin to re-list XRP.
Can XRP regain lost glory?
The crypto community had high expectations from new SEC chief Gary Gensler given his understanding of the crypto system, but since his appointment, he has continued the legacy of his predecessor, Jay Clayton, and many would argue that he has taken a step forward by attacking some decentralized finance products.
Read:Thai Bond Markets Association Adds Blockchain Technology to Existing Technologies
The price of XRP fell to its lowest level in 3 years as the lawsuit emerged, followed by dozens of platforms that moved to delete the altcoin.
When everyone called it the end of the road for this alternative digital currency, it soared to a new high in three years as the lawsuit progressed, proving everyone wrong.
Now that the settlement speculation is high and the second phase of the bullish trend has begun, XRP looks good to record new highs as many believe it will easily surpass its record high of $3.83.
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