XRP Price Increase: Insider Trading Pump or New Upward Movement?

XRP Price Increase: Insider Trading Pump or New Upward Movement?
фото показано с : beincrypto.com

2020-1-6 17:21

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The Binance cryptocurrency exchange has added XRP to the Binance futures platform. The XRP price has increased by more than 7.5 percent over the past four hours.

On January 6, the Binance exchange announced that it will offer futures trading with up to 75x leverage for the XRP/USD pair.

#Binance Futures Launches $XRP / $USDT Perpetual Contract With Up to 75x Leveragehttps://t.co/nEeG63XIvg pic.twitter.com/XjxX3DnByH

— Binance (@binance) January 6, 2020

The XRP price increase occurred slightly prior to the announcement. This resembles insider trading, a practice that is illegal in the American stock exchange.

Will XRP continue to increase? If so, how high will it go? Keep reading below if you are interested in finding out.

Current XRP Breakout

The XRP price broke down from the $0.21 support area on December 16. After making a low of $0.18 the next day, the price created a symmetrical triangle. Since the triangle is considered a continuation pattern and transpired after a downward move, a price breakdown initially seemed likely.

However, the price broke out on January 6. At the time of writing, it was trading inside the $0.21 area, which now will likely act as resistance. Additionally, this area coincides with the 25-day moving average (MA).

Lack Of Volume

Looking closer at the hourly volume for the upward move, it was quite significant but subsided immediately afterward. The highest volume was recorded on the first hourly candle of the increase when the price was still below $0.20.

Afterward, volume subsided considerably. What is interesting is that since the announcement, the XRP price has not increased at all — rather, it has created a small bearish candlestick.

This movement has numerous similarities to the downward movement of August 9. The price broke down from a symmetrical triangle. After the breakdown, the price initiated an upward move that retested the breakdown level. However, it was unsuccessful in moving above it and continued to make new lows.

Therefore, we could definitely see a retest of the $0.18 support area and possibly head lower. We do not believe the price is likely to move above $0.22 and stay there for a prolonged period of time.

To conclude, the XRP price initiated an upward move shortly before the Binance exchange announced the launch of XRP/USD leverage trading. We do not believe this movement is likely to last and expect the price to fall below $0.20 once more.

The post XRP Price Increase: Insider Trading Pump or New Upward Movement? appeared first on BeInCrypto.

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Ripple (XRP) на Currencies.ru

$ 0.5173 (-0.10%)
Объем 24H $965.868m
Изменеия 24h: 0.09 %, 7d: -0.36 %
Cегодня L: $0.5159 - H: $0.5213
Капитализация $28.636b Rank 7
Цена в час новости $ 0.2687 (92.52%)

xrp binance futures exchange trading price january

Источник: beincrypto.com

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