Ripple (XRP) hints a breakout with Cobinhood zero trading fees support

Ripple is currently basking in the light of the support from Cobinhood. The new listing is opening up the third largest cryptocurrency to a wider market. Moreover, the support is good news to traders and investor on the exchange who will now have the ability to buy and sell XRP. Cobinhood margin trading for XRP has been launched for all the markets apart from Japan, United States as well as Taiwan. Ripple will trade on the exchange in XRP/BTC and XRP/USDT pairs.

Unlike, Bitcoin and Ethereum XRP is not a mined cryptocurrency. The tokens are issued by the San Francisco-based blockchain company. In the recent months, XRP has triggered discussions with some people calling the token a security. However, Ripple executives maintain that XRP is not a security token. However, fiat-to-crypto exchanges like Coinbase prefer to stay away from XRP in order to avoid conflict with the regulatory authorities.

The recent developments surrounding Ripple have been a great boost to XRP price. The company launched xRapid payments solution last month while RippleNet, the flagship product continues to gain traction with financial institutions, banks and payment platforms around the world.

Ripple price overview

The $18 billion crypto is trading at $0.45. It has a 24-hour exchange volume of $414 million and has corrected lower 1.74% on the day. XRP/USD declines failed to find support at $0.47 but the support at $0.45 is holding ground. Moreover, Ripple is trading between the moving average support and resistance. The 100SMA is in the way of upside movement at $0.466 and the 200SMA will offer support at $0.44. The consolidating prices coupled with above positive news and Cobinhood support mean that Ripple could be stirring a bullish move in the short-term.

XRP/USD hourly chart