Ripple Price Analysis: XRP Bull Injection From Binance Support of Fiat Purchases

ripple xRP price analysis

Latest Ripple [XRP] News

Interesting stuff ahead as far as cryptocurrency trading and investment is concerned. We must admit that Binance is making huge strides as a far as making coins accessible to enthusiasts from all over the world.

Slowly but surely, they are competing with exchanges like CoinBase despite being formed years later. It surely has the cutting edge. Aside from being a project launching platform via Binance Launchpad, they have the volumes meaning they are liquid above CoinBase and the likes.

Now, they are taking this step further, allowing investors to buy limited coins including BTC and XRP using fiat after partnering with Simplex. Simplex has other partnerships with competing exchanges but their collaboration with Binance is a stand out thanks to the sheer participation levels expected.

The CEO of Binance, Changpeng Zhao despite not listing fiat currencies because of regulatory complexities around this addition admits that fiat money is still being preffered by many because they are legal tender and backed by governments. But, through fiat gateways, there will be more exposure of digital currencies which goes a long way in adoption.

Even so, there are caps to how much can be bought on a daily basis. A user can only buy a minimum of $10 worth of XRP or any other coin supported and a maximum of $20k per day or $50k per month. Like other exchanges, fees will be huge with Simplex charging 3.5 percent of the amount per transaction.

XRP/USD Price Analysis

ripple Xrp priceBy closing 1.8 percent and 2.2 percent from yesterday’s and last week’s close, XRP bears are back. Even though we remain optimistic of price recoveries, there are real risks of lower lows in days ahead. Before then, it will all depend on how price action reacts at last week’s lows of around 30 cents.

From previous Ripple price analysis, we continue to reiterate that 30 cents is vital for XRP bulls as it marks the last barrier whose breach may lead to deterioration pushing prices below 25 cents as bears reverse gains of Sep 2018. As it is, we consider the resistance of lower lows and the inability of sellers to wipe Jan 30 losses as bullish from an effort versus result point of view.

Because of our confidence of higher highs, risk-off traders can even buy at spot rates with stops at Jan 30 high-volume bull bar lows at 28 cents. If not, then patience is needed and until there are confirmation of Jan 30, traders can wait until there are conclusive close above 34 cents of Jan 14 highs. Only then will buyers ramp up at spot rates or on every dip with first targets at 40 cents.

All Charts Courtesy of TradingView—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.