Ripple’s XRP token has rallied dramatically overnight, spiking to as high as $0.40 before finding support at $0.38.
The rise in price has been attributed to the news that crypto exchange Coinbase has launched XRP trading support for residents of New York.
Coinbase issued an update on Twitter stating: “XRP is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase or using our iOS and Android apps.”
While Coinbase added support for XRP in February across retail platforms, New York and UK residents were not included in the update.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs
— Coinbase 🛡️ (@coinbase) May 13, 2019
Despite previously being conservative in its listing of cryptocurrencies, Coinbase has been prolific over the past year, listing several altcoins in addition to the previously listed large-cap cryptocurrencies Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
If XRP can close tonight’s daily candle above the 200 exponential moving average (EMA), it could well signal a prolonged period of upside potential.
The $0.46 level could be the next target to the upside, but there is also a psychological level of resistance at $0.50.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.