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Merry Christmas from Ripple and Binance: XRP as Quote Currency

  • Thomas Hughes
    📈 Price Predictions

    Top-rated crypto exchange Binance announced that Ripple (XRP) will become the quote currency in two new pairs

Merry Christmas from Ripple and Binance: XRP as Quote Currency
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On Dec. 24, 2018, top-rated crypto exchange Binance announced that Ripple (XRP) will become the quote currency in two new pairs: TRX/XRP and XZC/XRP.

This is a major victory for Ripple and XRP fans, and the market was quick to react as XRP/USD jumped to a high of 0.46 a few hours after the announcement. As for the other two cryptocurrencies in the new pairs, Binance CEO and Founder Changpeng Zhao said they were added in order "to thank TRX and XZC for supporting #Binance charity efforts."

Changpeng Zhao

As a side note, there seems to be quite a bit of confusion around the Internet regarding the whole base/quote thing, so let’s clear it up: the first currency in a currency pair is called the base and the second is called the quote.

Also, Binance’s announcement reads “Binance will add TRX/XRP and XZC/XRP trading pairs with XRP as the quote-base asset into the new Combined ALTS Trading Market (ALTS) at 2018/12/24 11:00 AM (UTC)”, thus supporting what I’ve just said. So next time you read that XRP was added as a “base”, they actually meant “quote”.

Chart Analysis – XRP/USD

XPR/USD

Ripple added almost 14% against the US dollar in the last 24 hours, with many gains triggered by the Binance announcement. Currently, XRP/USD is trading at 0.43, retracing a bit from the high at 0.46 but very bullish as of late.

The recent price surge broke the resistance zone at 0.40 and the 200-period Exponential Moving Average on the 8-hour chart, but it is still below the same moving average on the Daily chart. If we get a daily close above the 200 EMA (which is viewed as one of the most important for overall trend direction), we will probably get an afflux of new buyers, which in turn will take the price even higher.

The Relative Strength Index is entering overbought for the second time on the 8-hour chart, but it is still not above its 70-level (overbought) on the Daily chart. All of this paints a blurry picture with somewhat mixed signals, but considering the positive sentiment which is now surrounding XRP, we favour an extended climb, without excluding minor retracements.

Support zone: 0.40 and the 200 EMA (on an 8-hour chart)

Resistance zone: 0.45 and 0.50

Most likely scenario: move into 0.50

Alternative scenario: minor retracements

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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
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Contents

Despite our hopes and beliefs, XRP fails to gain traction and stays about $0.32. Will it ever start growing, considering that BTC and altcoins are making considerable moves during the recent weeks? Let’s check out fresh Ripple XRP predictions to find out what to expect from it. tradingview users share their opinions and arguments about XRP price.

XRP reaches the point of consolidation

Watch XRP patterns closely

XRP price chart from CryptoManiac101

Look at the chart from CryptoManiac101: we can see there’s a strong pennant which might be considered by many to be a bear pattern. But after the formation of a pennant is over, there is a strong downtrend followed by heavy a consolidation phase which we're currently in. XRP seems to be bullish on this chart. However, before any considerable growth, we may see some more downtrend action.

This pattern is expected to break to upside or downside this month. Keep tabs on this technical indicator – it might help you to make further decisions.

A huge move is coming

XRP is about to go short

XRP price chart from russec2

A very interesting and detailed chart was proposed by russec2. Here, we see both short term and long-term perspectives. In the short term for XRP:

  • Looks like BTC before the last dump

  • Daily and 3D Stoch is falling

  • Energy lines are negative

  • Currently at the top of the big channel

As for the long term, daily RSI breakout has occurred and is now bouncing at the trendline. Thus, there’s a chance of XRP going short or higher. If Ripple goes short, BTC will do the same.

Is XRP finally triggering a breakout?

At least a $0.34 breakout should happen for XRP to grow

XRP price chart from DrDovetail

According to DrDovetail, there’s a Head & Shoulders pattern in the XRP chart, and the right shoulder is ending formation. The user anticipated the breakout point being right where this dotted green trendline converges with the neckline of the inverted head and shoulders pattern over a week ago. Finally, it seems to be closing, but first, we should see the price reach at least 34 cents to stay assured it is a legitimate breakout. We also need to watch for a good amount of bull volume.

XRP is going to $0.10?

XRP is very likely to drop to support

XRP price chart from AhmedAlii

AhdemAlii draws the following conclusion from the recent XRP behavior:

1. Bearish confirmation price to 0.28$ and 0.25$ is 0.304$. If you are more risk-prone and want to take advantage earlier, you can enter on a break of a 0.311$ price floor.

2. 0.32$ is current support and if EMA is used as support at this level, expect maximum upward activity to 0.335-0.34$ - a break above this level discredited lower high formation.

3. There is a chance we could be stuck in a range between 0.32$ and 0.35$ before any break.

4. Maximum upward potentials are at 0.35$ and 0.39$.

5. Final buy zones of 0.15-0.10$ are still in the books!

The current support price of 0.32$ was held up very well all in all and the price range was predicted very well with the ceiling coming in at 0.335$. Now we seem to be stuck.

So, what’s going to happen next?

1. XRP will most likely drop to supports at 0.32$ and thereafter, maximum upward capacity is to 0.377$ and even more so between 0.34-0.35$.

2. 0.304$ is still the bearish confirmation price to 0.28$ and 0.25$. The least conservative bearish confirmation price is 0.311$.

3. We are likely to test highs of 0.34-0.35$ conservative targets and even more so to 0.377$ increase before dropping to our downward targets of 0.28$ and 0.25$.

4. Our final buy zone still remains at 0.15-0.10$.

XRP/USD price chart from TradingView

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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