XRP Rejected From $0.55: Why Are There Fewer Ripple Holders On Binance?
XRP is down at press time, recoiling from $0.55. Amid this, there is a drop in the number of Ripple holders on Binance
XRP is steady when writing, but like Ethereum and other top altcoins, the upside momentum is absent. Technically, buyers are still in control—at least for now, though the current trend favors sellers. Unless there is a solid break above $0.55, ideally as engagement expands, there is a real risk of prices plunging. The uptrend is shaky, and XRP may slip, even retesting $0.50—or lower as sellers press on. How XRP performs in the short term will be shaped by many factors, primarily fundamentals and how Bitcoin prints out.
Traders are monitoring how XRP performs. Looking at trackers, the seventh most valuable coin is flat. Nonetheless, the coin is down 4% in the previous week. Amid this, the average trading volume is stable, capped below $1 billion.
The following XRP and Ripple news are worth watching:
- Ripple Labs, which is behind the XRP Ledger (XRPL), believes the success of FedNow will have a network effect. Not only does it stand to transform payments, but it will also have a net impact, boosting XRP.
- Though XRP is now defined as a commodity, when traded in the secondary markets, it is emerging that the number of holders continues to shrink. From the latest Binance’s Proof-of-Reserve data, the exchange holds 2.75 billion XRP, down by 174.89 million.
XRP Price Analysis
XRP/USD is flat at press time.
The coin is still confined by the bear bar of September 7; a bearish development.
Even so, the steady expansion over the last few days is a net positive.
Ideally, buyers stand a chance if there is a close above $0.55, reversing early this week’s losses.
Before then, aggressive sellers could offload on every attempt, but only inside the September 7 range.
The first target would be $0.50 and, later, $0.45.
However, if XRP buyers take over, the coin might rally above $0.60 in a buy trend continuation pattern.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals