xrp price

XRP to Correct After a Rise

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.

xrp price

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.

xrp price

Ripple has been supported fundamentally by the news that it is going to become a major asset on Binance.

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.

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

XRPUSD Charts by Tradingview

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.

Image(s): Shutterstock.com

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