Coinbase announced that it will halt trading of the XRP cryptocurrency, after the Securities and Exchange Commission last week deemed it a security (versus a digital currency).
The largest U.S. cryptocurrency exchange said it will suspend trading of XRP in its market by mid-January. Last week, the SEC suggested that cryptocurrency exchange Ripple Labs raised $1.3 billion through its sale of XRP without registering it or applying for an exemption for seven years; if XRP is considered to be a security, traders are supposed to pay taxes on capital gains.
Coinbase said in a blog post that following the SEC’s lawsuit against Ripple Labs, it has decided to suspend the XRP trading pairs on its platform.
“Trading will move into limit only starting Dec. 28 and will be fully suspended on, Jan. 19 at 10 a.m. PST.”, Coinbase said. However, it also mentioned that that timing can’t be guaranteed.
Coinbase also mentioned that despite the halting of XRP trading, it will continue to support XRP on Coinbase Custody and Coinbase Wallet. That means, customers would still be able to avail deposit and withdraw functionality.
XRP.X moved above its 50-day moving average on May 27, 2023 date and that indicates a change from a downward trend to an upward trend. In of 65 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on May 18, 2023. You may want to consider a long position or call options on XRP.X as a result. In of 132 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for XRP.X just turned positive on May 17, 2023. Looking at past instances where XRP.X's MACD turned positive, the stock continued to rise in of 56 cases over the following month. The odds of a continued upward trend are .
The 10-day moving average for XRP.X crossed bullishly above the 50-day moving average on May 30, 2023. This indicates that the trend has shifted higher and could be considered a buy signal. In of 26 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where XRP.X advanced for three days, in of 381 cases, the price rose further within the following month. The odds of a continued upward trend are .
The RSI Indicator has been in the overbought zone for 1 day. Expect a price pull-back in the near future.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 4 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where XRP.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
XRP.X broke above its upper Bollinger Band on May 29, 2023. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for XRP.X entered a downward trend on May 15, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
|CRYPTO / NAME||Price $||Chg $||Chg %|
|Sun (New) cryptocurrency|
|Basic Attention Token cryptocurrency|
A.I.dvisor indicates that over the last year, XRP.X has been closely correlated with XLM.X. These tickers have moved in lockstep 85% of the time. This A.I.-generated data suggests there is a high statistical probability that if XRP.X jumps, then XLM.X could also see price increases.
|XLM.X - XRP.X|
|SC.X - XRP.X|
|STX.X - XRP.X|
|ALPHA.X - XRP.X|
|SUPER.X - XRP.X|