The last week of December is starting off on a positive note as XRP and most other cryptocurrencies are seeing significant gains. Specifically, XRP is up over 20% currently trading at $0.44. XRP is the biggest gainer out of the top 10 cryptocurrencies, which isn’t entirely surprising.
Why Is XRP Doing So Well?
The answer is simple – partnerships. XRP is cooperating with major financial platforms including Western Union and American Express. Ripple’s xCurrent and xRapid are seeing their first tests for usability. Western Union is testing out whether using Ripple’s technology will reduce their transaction cost and speed.
“WU partnered with Ripple Labs to test whether sending payments by blockchain was faster and less expensive. The tests are ongoing.”
Moreover, American Express’s VP Colin O-Flaherty confirmed back in June that the company is officially using xCurrent.
Some key news that might be attributing to the most recent price rally is Binance CEO Changpeng Zhao’s announcement on twitter that the exchange will be adding XRP as the quote – aka base – currency.
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 announcement coupled with the overall bullish momentum today is most likely what is pushing XRP price further than other currencies.
According to the official Binance announcement which followed shortly, the TRX/XRP and XCZ/XRP trading pairs will be added on Dec 24th at 11:00 AM UTC, that is in about 2 hours from the time of writing.
As you might have expected, Tron and Zcoin both saw double digit price gains in the past 24 hours. Zcoin’s price actually increased almost 30%!
Being the number one exchange in crypto, it is not surprising that any announcements from Binance regarding specific cryptocurrencies also pushes their price up. If you are looking for market opportunities it might be a good idea to turn on notifications for @cz_binance‘s twitter account.
XRP Price Analysis
It’s hard to predict what will happen as volatility is just beginning. Looking at the bull run last week RSI can sustain itself for quite some time in the overbought territory, so the fact RSI is above 70 is of no concern just yet. However, looking at the Bollinger Bands the market is currently riding the upper limit which it hasn’t done to this extreme in past runs.
I would be ready for a slight pullback before further momentum upwards. After all, the Binance announcement already came out a few hours ago, so you can expect some traders to take their profits. Remember the saying “buy the rumor sell the news”, don’t get caught up in the FOMO.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.