- Binance added XRP to its list of Dual Investment products and published an official blog post to announce the new listing.
- XRP holders are awaiting the US Securities and Exchange Commission’s next move.
- Analysts believe XRP price is on track for a 25% rally in the ongoing bear market.
Binance, the world’s largest exchange by volume, added XRP to its list of Dual Investment products. The exchange announced the launch of the product on its official blog and informed users about a fresh batch of dual investment products with revised target prices and settlement dates.
Also read: Why Joe Biden is speeding up crypto regulation in the US
Why addition of XRP to Binance Dual Investment products matters
Binance users can buy cryptocurrencies at a lower price and sell them at a higher price in the future through dual investment products. The world’s largest exchange by volume has added XRP to this list and this allows users to earn a high yield during the subscription period irrespective of the direction in which the price moves.
Binance currently offers two types of dual investment products, buy low and sell high. The new XRP product is available for trade on Binance from October 4, 10:00 UTC and the subscription format is first come first serve. The Annual Percentage Rate (APR) for the product ranges between 4% and 179%.
The official announcement noted that the product may stop accepting new subscriptions at any moment.
XRP holders are awaiting updates on the ongoing SEC v. Ripple case to identify the direction in which the altcoin’s price will move. The latest court ruling lacks updates and comments and the general sentiment among holders is bullish.
David Gokhstein, an XRP proponent and crypto educator, believes Ripple is closer to a win in the lawsuit.
Analysts predict 50% rally in XRP price
Analysts have evaluated the Ripple price trend and predicted a breakout in the altcoin. Yashu Gola, a technical analyst at Cointelegraph, believes XRP price could post a 50% rally. If XRP breaks past its multi-year descending trendline resistance, the altcoin could target the $0.57 level.
Gola believes XRP price is likely to run up toward the next Fib line near $0.72 level.
XRP-USD price chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
SUI hits new all-time high fueled by Trump election win
Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.