Aaryamann Shrivastava
FXStreet
- XRP price failed the breach of $0.644 resistance for the second time in the past two weeks to trade at $0.631.
- The broader market cues are witnessing a slowdown in the bullishness but are sustaining above the $0.600 mark.
- Binance announced the listing of new trading pairs of Ripple and other altcoins with USDC (USD Coin).
XRP price is witnessing a dry run, making minimal growth since the 19% crash of mid-November. External factors are not contributing much either, given Ripple has remained largely away from any kind of rally even as Binance Spot listed a new XRP trading pair.
Daily Digest Market Movers: Ripple reaches Binance with USDC
In a blog post on Wednesday, the world’s biggest cryptocurrency exchange, Binance, announced that it would be opening trading for ten new crypto pairs. These include assets such as Ripple, Cardano, Avalanche, Solana, etc.
Binance spot listing announcement
These altcoins are paired with USD Coin (USDC) and will be available to trade starting December 28. This is a positive development in the case of Ripple as spot listing with the second largest stablecoin is likely going to increase liquidity and attract more buyers, resulting in a price rise.
However, this might take a while.
Technical Analysis: XRP price remains in consolidation mode
XRP price trading at $0.631 has been moving sideways for the past couple of days, remaining in consolidation mode within the $0.600 and $0.644 range. The bullishness that has been at a halt since mid-November is yet to resume.
This is evinced from the failed breach of the resistance level in the last 48 hours, suggesting Ripple might continue the sideways movement until a significant development takes place. For now, the best bet is the New Year hype or the upcoming spot Bitcoin ETF (Exchange Traded Fund) approval.
These events could drive the price beyond the $0.644 resistance level, potentially flipping into a support floor to push it further towards $0.700.
XRP/USD 1-day chart
But if the breach fails again, the bullish thesis would be invalidated, and XRP price will remain sideways bound until whales and bulls take control of the market.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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