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XRP Rewards Announced by Binance for Users: Details

Mon, 08/22/2022 - 16:10
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Tomiwabold Olajide
Binance continues to increase support for XRP
XRP Rewards Announced by Binance for Users: Details
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Binance has announced new rewards in the form of XRP for users who participate in its "learn and earn" courses by taking an online quiz on Aug. 24.

As recently reported by U.Today, Binance DeFi Staking added support for XRP, which allows users to "stake" their XRP and earn up to 1.40% APR in rewards.

Binance also announced the addition of XRP as a means of payment with the Binance Card, making it available to over 60 million merchants globally through this integration.

Binance Exchange Increases Support for XRP and LTC: Details

According to on-chain analytics firm Santiment, "XRP is seeing notable whale activity, as well as high optimism, in Friday's closing trading hours. We've picked up a spike of $100k+ $XRP transactions that hasn't been equaled since May 13th. Additionally, sentiment is at its highest since April."

Santiment also claims that the XRP sentiment is currently at the highest level since April this year.

XRP price action

XRP was trading at $0.336 at the time of publication, down 1.99% over the previous day. On Aug. 17, the bulls were unable to push XRP above the overhead resistance at $0.38, suggesting that the bears are still resolutely holding the level.

As is typical in range trading, XRP experienced buying near the support and selling around the resistance. At $0.29, XRP might offer strong support from which buyers might move forward. If the price moves back over $0.29, it means that the activity may remain range-bound in the short term.

After buyers push the price above $0.39 or the bears drive the pair below $0.29, the next directional move might begin. Price movement within a range is typically unpredictable and volatile. Therefore, seasoned traders typically hold off on opening a position until a breakout occurs.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.