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XRP Exploded By 100% On Coinbase Despite Intense Illiquidity

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XRP exploded by 100% on Coinbase despite the intense illiquidity everywhere on the market but it seems that a bull run is forming and prices are diverging on top of the exchanges. XRP saw some strong price volatility in the past 24hours as the altcoin market started to enhance thanks to the massive bitcoin rally so let’s read more in today’s Ripple price news.

XRP exploded by 100% and is now trading at $0.69, which means it increased by 40% in the past day. In a few minutes time, the coin traded as high as $0.92 on Coinbase which means that the coin increased by 100% on the day. While XRP was rallying 100% it was not the strangest thing that we have seen but it was somewhat strange that XRP diverged on exchanges. On Coinbase, it hit $0.92 and on other exchanges, it hit $0.80.

xrp price
Chart of XRP’s price action from TradingView.com

According to analysts, there are illiquidity issues with the platform. These issues were perpetuated by market makers that fail to properly account for every volatility wave that hits the market. The extremely volatile market aside, analysts were trying to convince themselves whether or not XRP is back in vogue for the long-term. Most of the analysts are still trying to get an answer to this question while trying to grapple with the immense volatility which had a huge effect on ETH, Bitcoin, and other top assets.

Some of the analysts were confident that XRP increases mainly because of the fact that Bitcoin’s dominance started to slip in the past few days. After hitting 68%, the Bitcoin dominance started to decline which resulted in rallies in other altcoins like XRP. These signs show that the rally will continue as long as Bitcoin consolidates higher.

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xrp daily price
Ripple’s XRP 24-hours Price Chart (Source: Coingecko)

As recently reported in our XRP news, Ripple’s Weekly charts signal another huge breakout towards $0.75 as XRP surged by 40% and broke the $0.4500 resistance against the US dollar. XRP’s price weekly chart suggests more chances of another upside above $0.75. The price cleared the $0.4000 resistance and settled well above the 100-week simple moving average. There was also a break above the crucial bearish trend line with the resistance near the $0.2950 on the weekly charts of the pair.

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Source: https://www.dcforecasts.com/ripple-news/xrp-exploded-by-100-on-coinbase-despite-intense-illiquidity/

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