Coinsquare lists XRP on its beta trading platform: Ripple price reacts with a 3.4% surge

  • 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



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