Choppy cryptocurrency price action was observed for much of Monday’s trading session, as market participants, including exchanges, repositioned following the aggressive sell-off over the weekend. However, what is interesting is that the futures curve is showing nowhere near as much scepticism. As such, base case scenario is that ETH coin will soon reclaim the $150 level and BTC will grind back above $4,000. This view may change if we witness another sudden selloff (not base case scenario). It is also worth keeping an eye on stablecoins and in particular DAI, to gauge investor sentiment towards Ether.
Top 5 coins prices. Source: coin360.com
In more positive news, after many months of speculation as to when XRP/Ripple will become available to Coinbase users, the two parties have announced that the 3rd largest crypto asset by market capitalisation will be listed on Coinbase. Coinbase said XRP coin’s listing was approved on merit, adding no sweetheart deals were involved. Also noting that it doesn’t charge to list tokens or coins. Despite the large market cap, the cryptocurrency exchange has up until now decided to put off listing, with many market commentators linking the move to the legal uncertainty around XRP. However, many other vendors, including Grayscale have been offering XRP coins for some time and, as it stands, the Grayscale XRP Trust is valued at $4.2M. Naturally the announcement resulted in a price surge, with XRP trading with gains of nearly 7%.
The news might seem trivial at first, but it is more significant than it seems, especially since the delay was linked to regulatory uncertainty. Also, heading into the final trading days of February, the announcement by Coinbase might just be the catalyst that XRP needs to kick start a recovery given its lacklustre performance this month.
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