XRP, the native digital asset linked to the payments company Ripple, is on a roller-coaster ride as the it’s price hiked by 12% in the middle of a brutal bear market recently.
XRP is currently holding the third position on CoinMarketCap [in terms of market capitalization], just behind Ethereum. The market cap of XRP at press time was $13 billion, while that of Ethereum was $14 billion.
The price of XRP spiked from a mere $0.3041 to $0.3390, which is a massive increase of 14.59%. This price hike caused the candles to form an inverted “Bart” move. The market cap of XRP went from $12.61 billion to $13.90 billion in a matter of hours during the hike.
The hourly chart of XRP/USD on Binance shows a huge green candle spanning from $0.3160 to $0.3390. The chart also shows a massive red candle which dropped the price of XRP from $0.3455 to $0.3031.
These two developments, when combined, show a move that looks very similar to the head of a character called Bart, from the ‘The Simpsons.’ The Bart move has become quite popular in the cryptocurrency community since Bitcoin performed the Bart move when the coin’s price dropped from the $4,000-level to around $3,700.
Although the price hike looked like market manipulation, the XRP community speculates that the market movement was caused by Coinbase Pro’s XRP announcement.
Coinbase had earlier announced the addition of XRP pairs to their Coinbase Pro platform, which was long overdue according to many crypto-experts. The action by Coinbase was fueled by constant requests from the XRP community to add XRP to the exchange.
@jalmonte, a Twitter user, commented,
“Not sure why @coinbase wouldn’t allow NY residents to trade. #XRP has had a #virtualcurrencylicense or #bitlicense since 2016. https://www.dfs.ny.gov/search/site?search=xrp … #xrpcommmunity @Ripple”
@bryandrogo2, another user, tweeted,
“Good news but at this point, I’m tapped out with anything to do with Coinbase, I trust them and anything they say as much as I trust Bernie Madoff.”
Subscribe to AMBCrypto’s Newsletter
Tron [TRX] Weekly report: BitTorrent and DApps rule Justin Sun’s cryptocurrency
Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.