Ekta Mourya, an experienced fundamental and on-chain crypto analyst in FxStreet.Com, has discussed the possible impact on XRP price following the “re-listing” in Newton, a Canadian crypto exchange.
- The Canadian cryptocurrency exchange Newton Crypto updated its listing of XRP. One of the biggest cryptocurrency exchanges, Coinbase, is rumored to be re-listing due to Newtons news. Despite publicly endorsing the remittance token in the SEC v. Ripple case, Coinbase has yet to announce a re-listing.
- A fresh batch of exchange re-listings is welcomed by XRP holders who stood their ground during the legal dispute between the SEC and Ripple. It’s interesting to note that a re-listing can increase the altcoin price because new listings cause significant price changes in assets on Coinbase.
- This is due to the fact that the increased liquidity and investors in the token limit the supply, whilst demand for the token increases. This is the basis of tokenomics when it comes to nearly all cryptocurrencies.
- Besides Ekta Mourya, another Technical expert at FXStreet, Akash Girimath assessed the XRP price trend and foresaw a surge in the alternative currency. Girimath predicts that if buying pressure picks up again, the remittance token will increase by 55%. The XRP price may reach $0.609, which would undo the 69% decline that began in Q2 2022.
See Related: Ripple Intends To Bring Ethereum Smart Contracts To Its Blockchain
