Ripple's coin now listed at KuCoin, XRP/USD ready for recovery
|- KuCoin adds XRP to the list of tradable assets.
- XRP/USD moves within a bearish trend in sync with other coins.
Cryptocurrency exchange KuCoin added XRP to the list of tradable assets and announced that clients would be able to trade XRP with 99% discount to the trading fee until December 10.
"KuCoin is extremely proud to announce yet another great project coming to our trading platform. XRP (XRP) is now available on KuCoin. Supported trading pairs include XRP/BTC, XRP/USDT, XRP/ETH, XRP/PAX, XRP/TUSD, XRP/USDC, XRP/KCS, and XRP/NEO," the exchange stated in an official announcement.
While the market players applauded KuCoin's decision to provide support for XRP, now the second largest digital asset, the price reaction was somewhat muted. XRP/USD urged higher right after the announcement, but quickly resumed the downside, dragged down by overall bearish sentiments on the market.
Currently, XRP/USD is trading at $0.3460, down 3.4% since this time on Monday. The second largest coin with a market value of $14.5 is consolidating close to the recent low $0.3441
Ripple's technical picture
XRP/USD may be getting ready for short-term recovery from recent lows. The coin tested area below $0.3400 however, new buyers jumped in to initiate a recovery. This development may signal that bears are exhausted and ready to yield to bulls at least temporary.
From the intraday point of view, XRP's upside is capped by a strong resistance area that starts from $0.3600 (SMA50, 1-hour) and goes all the way up to $0.3685 (a confluence of SMA100 and SMA 200, 1-hour). Once it is cleared, the upside may be extended towards the psychological $0.40.
On the downside, the support lies with the broken trendline from November 18 high at $0.5269 (currently at $0.3400) and the recent low at $0.3379. Once below, the sell-off may be extended towards $0.33 and to the recent low of $0.3237.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.