XRP is now available on Binance Futures; XRP/USD skyrockets above $0.2100

Now on Binance Futures

One of the world's leading exchanges, Binance, added XRP to its Futures trading platform. The coin is available in the form of XRP/USDT perpetual contract with leverage up to 75x. It means that XRP is now available for margin trading. According to Binance:

The Perpetual Contract is an attempt to take advantage of a Futures Contract - specifically, the non-delivery of the actual commodity - while mimicking the behavior of the Spot market in order to reduce the price gap between the Futures Price and the Mark Price. This is a marked improvement compared to the traditional Futures Contract, which can have prolonged or even permanent differences versus the Spot Price.

XRP skyrockets

Ripple's XRP smashed several resistance levels and hit the intraday high at $0.2136. At the time of writing, XRP/USD is changing hands at $0.2127, which is 9% higher from the beginning of Monday. Apart from the fundamental trigger, speculative and technical factors came into play and created a strong bullish environment for the coin.

A move above psychological $0.20 served as a green light for new buyers and woke up trading bots that were waiting for a solid buying signal. As a result, XRP quickly proceeded to $0.21 and surpassed SMA50 (Simple Moving Average) daily at $0.2130. Though the price retreated below this level, the upside momentum remains strong. 

The RSI (Relative Strength Index) on the 1-hour chart is deep on the overbought territory, which means that the coin is vulnerable to a technical correction. The initial support is created by psychological $0.2000 reinforced by the middle line of 1-hour Bollinger Band. If it gives way, the sell-off may be extended towards $0.1930 ( the middle line of the daily Bollinger Band) and psychological $0.1900.

XRP/USD 1-hour chart