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Ripple market update: XRP/USD now available at FTX spot markets

  • The cryptocurrency exchange FTX announced support for XRP/USD.
  • Ripple's XRP retreats back in the range after a failed attempt to settle above $0.2000.
Ripple market update: XRP/USD now available at FTX spot markets
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

XRP/USD is changing hands at $0.1985. The coin attempted a move above $0.2000 during early Asian hours but failed to hold the ground amid low trading activity. At the time of writing, XRP/USD is moving within a short-term bullish bias, mostly unchanged both on a day-to-day basis and since the beginning of Monday. 

FTX adds support for XRP/USD

The cryptocurrency derivatives exchange announced support for XRP/USD on its spot markets. Sam Bankman-Fried, the CEO and the founder of the platform commented on Twitter:

A bit overdue, but: FTX now has $XRP spot markets! $XRP can also now be used as collateral on all FTX futures.

FTX was launched in March 2019. The platform is famous for its innovative products like options and leveraged tokens, and prediction markets.

XRP/USD: Technical picture

On the intraday charts, XRP/USD is supported by 1-hour SMA50 at $0.1980. Once it is out of the way, the sell-off is likely to gain traction with the next focus on SMA100 at $0.1960. The strong short-term support is created by a psychological $0.1900, which is also the lower boundary of the recent consolidation channel.

On the upside, a sustainable move above $0.2000 is needed for the upside to gain traction with the next focus on $0.2030 and $0.2090 (daily SMA200). It is closely followed by $0.2100, which is pivotal for the long-term upside momentum.

XRP/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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