- XRP trading is live on Coinsquare but withdrawals will be enabled soon.
- Ripple is strongly supported at $0.4450, while it is facing immediate resistance at $0.4550.
Ripple is one among the few cryptocurrencies trading in the green on the first day of August. The market is highly bearish led by the King of digital assets, Bitcoin (BTC) which plunged from trading above $8,000 to exchange hands slightly above $7,500.
Coinsquare crypto trading platform announced on July 31 that it has added XRP. Although the platform is still at the beta trading stage, trading XRP is already live. Coinsquare gives the users the ability to purchase XRP tokens using traditional fiat currencies. Moreover, XRP can be exchanged with various fiat currencies listed on the platform. The announcement, made on Twitter said:
“XRP is now live - in beta - on Coinsquare's platform. During the beta, you can: Fund your account with XRP. Buy XRP with fiat or cryptocurrency. Trade XRP for fiat or other cryptocurrencies.”
The crypto exchange is based in Canada and as mentioned before enables crypto to fiat trading. The exchange is still in the testing phase, therefore, users can trade but withdrawals are not currently allowed.
Ripple price analysis
As covered in an earlier analysis Ripple has been on a sustained upward roll today. XRP/USD rose 6.25% in less than half an hour from $0.435 to $0.464. Although it corrected lower and broke the short-term support at $0.450 after hitting the ceiling at $0.464, the next support target at $0.4450 held ground. Ripple bounced back up again from the support but could not clear the resistance at $0.4550.
The crypto has broken below the trendline support at $0.450 but the support at $0.4450 seems to hold just fine, for now. The 100 simple moving average will prevent declines below $0.4450 at $0.4424. However, the stronger support for Ripple stands at $0.4350. XRP/USD trend according to the chart is bearish. In addition to that, the technical indicators on the same chart are currently sending bearish signals. Therefore, Ripple is likely to revisit the support at $0.4450 before embarking on another upward trajectory.
XRP/USD 15’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.