XRP Bulls Defend $0.50: Upcoming Breakout?

• XRP keeps a grip on $0.51
• XRP is among the top coins traded on the South Korean exchange 
• Coinbase is watching XRP legal case closely  

XRP bulls have successfully kept the crypto above the psychologically sensitive $0.50 level as they prepare for the next likely pump. Meanwhile, the broader cryptocurrency market has languished in the past 24 hours as bitcoin attempts to reclaim $30K. 

XRP has become one of the top-traded coins on the South Korean crypto exchange Upbit. Most recently, it takes the No. 2 spot in the XRP/KRW pair at 11.5% with a trading volume of $206 million on that trading platform, second to the SXP/KRW pair, based on CoinMarketCap data. 

Meanwhile, technical signals suggest XRP could be just taking a breather before its next pump higher. A famous technical analyst who goes by Egrag Crypto on Twitter has shared a bullish setup for XRP in which it could be on its way to reclaiming $0.85 next. He points to “W” patterns that have unfolded as expected and are feeding into a more extensive “W” formation that could send XRP sailing to $0.85. 

Ripple Unlocks 1 Billion XRP

While the Ripple team continues to impress in their legal battle with the U.S. SEC, the cross-border payments company is sticking to the script. In recent days, Ripple unlocked a total of 1 billion XRP from an escrow account across a trio of withdrawals. 

It’s part of the monetary policy Ripple has outlined for XRP, limiting the number of new coins brought into circulation each month to 1 billion, though it could also be lower. 

Coinbase Hasn’t Ruled Out XRP Forever 

Coinbase Chief Legal Officer Paul Grewal revealed in a recent discussion with Thinking Crypto that it’s possible Coinbase would resume trading in XRP if Ripple prevails against the SEC. He explained it would depend on the legal premise on which a ruling from the district court is based and whether there would likely be an appeal process afterward. The XRP army might want to stay tuned.