XRP beats Coinbase as another round of capitulation in crypto-related stocks kicks in
XRP is now trading almost twice as much as Coinbase, one of the largest cryptocurrency exchanges. The paradox came as a result of the exchange’s record low share price, which fell below $40.8 after another round of surrenders of crypto-related shares. While Coinbase has a market capitalization of $9.6 billion right now, XRP is valued at $18.65 billion.
Coinbase, which peaked at $76.9 billion, fell below $10 billion for the first time since its IPO. In addition to the overall negative sentiment on the crypto market, the COIN price is under additional pressure from rumors of the exchange’s possible bankruptcy that emerged from the Grayscale story. The exchange itself has denied all such speculation.
xrp price action
On the other hand, XRP has shown a more positive trend in recent weeks following the FTX decline. At the end of last week, its price gained 5.87% and even outpaced bitcoin in terms of momentum.
Globally, the XRP price continues to develop in the large bullish triangle formation seen here. While the environment around the cryptocurrency is rather neutral, the technical view of XRP’s position offers more interesting prospects.
Thus the token, which was delisted from Coinbase two years ago at the request of the SEC, is now trading at twice the market valuation of the exchange.
