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Ripple (XRP) Rallies Sharply After Binance News

Ripple (XRP) Rallies Sharply After Binance News

2018-04-20 10:00:00
Nick Cawley, Strategist
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Ripple News and Talking Points

- Ripple benefits from Binance news

- Congestion ahead but further gains look likely.

The latest Ripple surge will be welcomed by traders with the latest IG Client Sentimentreport showing retail are overwhelmingly long XRP – 96.2% - with net-short positions scarce. You can download the report for free to see how it can help you in your decision making process.

Ripple (XRP) Rally as Binance Allows USD Funding

News from one of the world’s largest crypto-exchanges that it plans to allow customers to buy some tokens directly with fiat currencies sent Ripple surging overnight. Currently customers have to use either Bitcoin or Ethereum to but other cryptocurrencies on the exchange, or use Tether (USDT), they will soon have the option to use US dollars, easing the path for investors to buy a range of cryptocurrencies. Customers will also be able to sell cryptocurrencies directly back into US dollars.

After hitting a peak around $3.30 in early January, XRP has fallen back sharply with little in the way of fundamental news to prop up the token. Currently trading at $0.85, XRP is now closing in on the 78.6% Fibonacci retracement of the December – January rally at $0.87 and a cluster of February resistance under $0.95. A break and close above would open the way higher to $1.15 and the 61.8% Fibonacci resistance at $1.38.

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every (Wednesday) at 12:00.

Ripple (XRP) Price Chart in US Dollars(January 5 – April 20, 2018)

Ripple (XRP) Rallies Sharply After Binance News

If you are new to trading cryptocurrencies and would like to learn more you can download our free Bitcoin Trading Guide to help you start your journey – go to the Beginner Guide tab and choose as many guides as you like.

What’s your opinion on Ripple – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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