Coinbase Crashes as XRP Prices Yo-Yo Back and Forth
Coinbase recently experienced a frenzy as XRP prices spiked for the second time in the past few weeks. Previously considered inactive, XRP is taking the world of crypto trading by storm with sudden price spikes. In the final weeks of November, XRP prices skyrocketed to as much as $0.90 before making a significant decline. The price hikes for the cryptocurrency only took place on the Coinbase trading platform. XRP values have enjoyed an impressive price rally during the last few weeks of 2020. With a starting value of $0.32, XRP’s worth has risen more than forty percent.
Ripple owns XRP and holds the majority of virgin tokens. Professional financial sources have predicted that Ripple is awaiting a chance to benefit from the central bank’s rush to convert to digitized currencies. Compared to the peak XRP accomplished during 2018, it has dropped more than eighty percent in net value. The XRP mining speed hovers at X0.5, but the market changes on the turn of a dime.
Bull Run Turns Coinbase Market Upside Down
The differentiating values of varying cryptocurrencies related to a liquidity phenomenon have caused bull run behaviors. Other cryptocurrencies performing on Coinbase didn’t experience the same value hikes as XRP. Twitter buzzed with activity related to XRP’s price gains and crypto bull trading that played a role in the site’s crashing. The voluminous flow of web traffic proved too much for Coinbase to handle with its standard functionality features.
Brian Armstrong, the CEO of Coinbase, made previous promises the last time the crypto trading platform crashed. On November 18th, Mr. Armstrong released a tweet relating to the upcoming server increases and capacity loads. XRP stands among many other cryptocurrencies that have recently experienced value increases. Bitcoin reached all-time high records in 2020 that it smashed before the fiscal year came to an end. The value of popular cryptocurrencies is projected to continue increasing as more central institutions integrate crypto trading exchange platforms.
Technical analysis data has shown several projects that each vary significantly in terms of projections. Bitcoin has surpassed the predictions and expectations of the majority of crypto traders. The Ripple financial network will need to adjust its current plans to keep up with digital currencies like Bitcoin and Ethereum.
XRP’s Spikes Influenced Bitcoin Prices Substantially
As PayPal launched its crypto services, the company bought nearly seventy percent of newly mined coins. The actions of PayPal caused a massive imbalance in the chain of supply and demand on crypto exchange platforms. Since the freshly released crypto services have hit PayPal’s millions of users, XRP’s prices have also shot up the charts. PayPal has started to release its firm grip on available Bitcoin units, but its actions have not stopped the shocking events on platforms like Coinbase.
Market professionals have closely examined crypto trading platforms to pinpoint the cause of bull run trading. Bitcoin now remains shy of $20K net values that previously were unheard of in the crypto market. The price hikes took place on Coinbase in a matter of minutes, but traders could feel the long term effects. The price increase surprised traders from around the world. The short term outlook for XRP’s performance on exchange markets remains too unclear for accurate predictions, but traders remain hopeful.