XRP, the native cryptocurrency of the blockchain-based remittance company Ripple, has just made a breakout above major psychological resistance $ 0.2650, a level it last reached on November 1, about 3 months.
XRP looks to have found major support near $ 0.2460 area with key resistance at $ 0.2600 level. Although a retracement was witnessed earlier to areas near $ 0.2450-$ 0.2460, XRP made a bounce back and it is now showing positive signs for a move above $ 0.2650, hence, may lead to price explosion.
XRP broke the $ 0.2650 resistance area, with 50% Fib retracement level from the $0.2614 high to $0.2466 low. Significantly, XRP/USD pair has surpassed a major bullish flag pattern with major resistance near $0.2680
The bullish rally dispalyed by XRP at present came at a time Bitcoin is yet to find its claws on the upside trend of the market.
The upward trend failed to initiate many surprises into the XRP community as analysts, in recent days, have been evangelizing a strong bullish forecast for the cryptocurrency. Also, even though there have been slight hiccups, XRP fractal has been facing the north since December.
At press time, a unit of XRP cryptocurrency is priced $0.265619 with 6.21% added value against the US dollar and 7.81% added value against BTC in the last 24 hours.
BitMEX Launches New Perpetual swaps for XRP
BitMEX today announced the launch of a new perpetual swaps for XRP.
The launch of the financial product was greeted by condemnations from the XRP community after the CEO of BitMEX, Arthur Hayek, mocked the digital token, saying he does not care what the name of the digital currency.
As revealed on a blog post by BitMEX, the newest perpetual swap is paired against the United States dollar. The exchange is offering investors the advantage to trade XRP with a leverage up to 50x.
Hayes, who also shared the announcement, wittingly construed Ripple for XRP or dogshit.
“Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!,” Hayes said in a controversial tweet.
The controversial tweet generated opprobrium among XRP enthusiast, resulting in some calling for a boycott of the crypto platform.
