Close

Binance News Falls Short as Ripple’s XRP Price Fails to Break These Key Resistance Level

Avatar
Binance News Falls Short as Ripple’s XRP Price Fails to Break These Key Resistance Level

The Ripple native coin, XRP, faced its second unsuccessful attempt to breach the $0.644 resistance level within the past two weeks, settling at $0.645. Despite this, the price has maintained stability following Binance’s announcement of new trading pairs, pairing Ripple and other altcoins with USD Coin (USDC).

XRP Failed To Breach The Resistance

The XRP price, currently hovering at $0.645, has experienced limited growth since the 19% mid-November crash. Despite the optimism surrounding Binance’s spot listing, XRP has not witnessed a significant rally.

According to a recent blog post published by Binance, the world’s largest cryptocurrency exchange, disclosed plans to launch trading for ten new crypto pairs. Among these pairs are prominent assets like Ripple, Cardano, Avalanche, Solana, and more.

Meanwhile, these altcoins are paired with USD Coin (USDC) and will be available to trade starting December 28. This is a positive development in the case of Ripple as spot listing with the second largest stablecoin is likely going to increase liquidity and attract more buyers, resulting in a price rise.

XRP Technical Analysis

XRP price is witnessing a dry run, making minimal growth since the 19% crash of mid-November. While, XRP price has been consolidating within the $0.600 and $0.644 range, with attempts to breach the resistance level proving fail in the last 48 hours.

Technical analysis suggests that XRP is in a sideways movement, awaiting a catalyst for a potential breakout. The failed breach of the resistance level indicates a continuation of the consolidation phase until a noteworthy development occurs. 

However, the upcoming New Year festivities and the prospect of a spot Bitcoin ETF approval could serve as catalysts, pushing the price beyond the $0.644 resistance and potentially towards $0.700. Even the bullish thesis hangs in the balance, and the digital asset’s fate is likely to be determined by the actions of market whales and bulls.

About Author

scroll to top