After rising heavily earlier this week, XRP is now correcting, heading down. On Xmas, Dec 25, the coin is trading around $0.3903.
On H1, the ascending trend reached 61.80% Fibo, and may then continue rising to reach 76.00%, or $0.4936. However, the MACD is converging, meaning the price is likely to plunge, with the current ascending channel support as the primary target.
On H1, the Stochastic is diverging and forming a black cross in the overbought territory, which means a descending move is possible here as well. The price may first break out the support at $0.3861, and then head down to the projection channel at around $0.3170.
Ripple has been supported fundamentally by the news that it is going to become a major asset on Binance.
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
— CZ Binance (@cz_binance) December 24, 2018
This campaign was launched by XRP supporters, and the exchange agreed on this Xmas gift. It is still unknown which currencies will be traded against XRP; currently, it’s Bitcoin, Ethereum, and BNB, as well as such stable coins as PAX, TUSD, USDC, and USDT. Two new pairs, TRXXRP and XZCXRP, will be launched soon.
This news is not a major support for XRP, although being quite a positive thing. This is good for the entire Ripple ecosystem, however.
Another news supporting XRP is VCTRADE now accepting BTC, ETH, and XRP deposits. In January, the members will be also able to withdraw these cryptos, although only on a certain kind of wallet.
The XRP market cap is currently $17.50B, while the daily turnover has been above $1.10B over the last few days.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.