Enjin [ENJ] & Ripple’s XRP Price Action: News Events Drive Both Coins to Rally
Enjin and XRP have outperformed after key news catalysts drove investors and speculators to drive the price of both up.
Data from Messari is showing Enjin increasing 98.13% over the past 24 hours at the time of writing.
The price increase in Enjin was driven by rumors that Samsung has announced support for Enjin.
A number of developments with Samsung and Enjin have led to these rumors quickly circulating and having a significant impact.
Developments such as the Samsung S10 having Enjin Wallet preinstalled increases the chance that a partnership is in the making.
Samsung announced support for the cryptocurrency called the Enjin Coin #Enjin #samsung #cryptowallet pic.twitter.com/T7OvC4AgFd
— TimBTC (@TimBTC1) February 26, 2019
With the rumors gaining momentum, Samsung will be expected to make an official announcement regarding this matter in the near-term.
If the rumors turn out not to be true, the price can likely be expected to sharply reverse. If the rumors are true, it is going to be a difficult situation for traders to gauge.
Prices have already been adjusting to account for the possibility and a confirmation may drive the price up further but traders would also run a large risk of buying near the top in this case.
Enjin overcame a number of key resistance points during the price run-up.
Price had been finding support at $0.036 prior to the spike.
The price increase quickly surged past expected resistance levels at $0.046 and $0.064.
There have been official news developments for XRP.
After huge amounts of anticipation for years, XRP has finally been listed to Coinbase Pro.
When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh
— Coinbase Pro (@CoinbasePro) February 25, 2019
Whether XRP will be listed to Coinbase has been the point of much discussion among traders and the price increase likely underperformed compared to what some speculators would have suspected.
XRP had suffered from the market decline which took place on Sunday.
Price quickly reversed back up on the official announcement from Coinbase Pro yesterday.
However, the price failed to make a higher high and has since started declining.
Price is currently meeting support around $0.313.
- Enjin and XRP undergo significant movements. XRP has been listed to Coinbase Pro and strong rumors are circulating that Samsung will announce a partnership with Enjin.
- Traders are in a difficult position with Enjin. Price has already increased to account for the possibility of a partnership and taking positions on an official announcement runs the risk of buying near the top.
- XRP increased on the news of being listed to Coinbase Pro but has likely underperformed when compared to what some traders were expecting. Price failed to form a higher high on the increase and has since started to decrease to support.
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