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More Bad News for Ripple?
Reports Claim XRP Violates Coinbase-Pros Rules
Ripple also known by its ticker as XRP, has been having a bit of a rough month. Despite its price not dipping too significantly, recent news has pointed out that Ripple might not be the best long-term investment. Earlier this month, banking behemoth JPMorgan has announced plans for a JPMcoin, which will directly compete with both Tether & Ripple. JPMcoin will be used for institutional bank transfers, just as Ripple does and will add an extra level of credibility as JPMorgan is a trusted brand.
In addition to competitors, Ripple is apparently in violation of Coinbase's rules for cryptocurrencies according to blockchain research firm Diar. Ripple was added on the 25th of February 2019 to the platform, which is one of the world's most popular exchanges. As per Coinbase's terms, "the ownership stake retained by the team is a minority stake,". Ripple breaks these terms, as the team maintains 60% of all XRP with a release schedule in which it'll be sold in the future.
Ripple's violation of the rules could cause it to be
delisted from Coinbase. Should this happen, the price of Ripple could take a
severe hit. Just the news that Ripple is breaking the rules seems to be
affecting the cryptocurrency negatively. XRP has dropped from 0.325 to 0.318 in
the span of 24 hours.
Some Technical Analysis
While things might not look the brightest for Ripple in the long term, the charts seem to show some recovery occurring in the short term.
With the Bollinger Bands tightening and the moving average appearing in an upward swing, XRP seems to be in recovery. It would be a conservative bet to say that the price would most likely recover to 0.330 within the next 48 hours.