XRP Price: Binance announces new XRP investment product, fuels rally in the altcoin

  • Binance added XRP to its list of Dual Investment products and published an official blog post to announce the new listing. 
  • XRP holders are awaiting the US Securities and Exchange Commission’s next move. 
  • Analysts believe XRP price is on track for a 25% rally in the ongoing bear market. 

Binance, the world’s largest exchange by volume, added XRP to its list of Dual Investment products. The exchange announced the launch of the product on its official blog and informed users about a fresh batch of dual investment products with revised target prices and settlement dates. 

Also read: Why Joe Biden is speeding up crypto regulation in the US

Why addition of XRP to Binance Dual Investment products matters

Binance users can buy cryptocurrencies at a lower price and sell them at a higher price in the future through dual investment products. The world’s largest exchange by volume has added XRP to this list and this allows users to earn a high yield during the subscription period irrespective of the direction in which the price moves. 

Binance currently offers two types of dual investment products, buy low and sell high. The new XRP product is available for trade on Binance from October 4, 10:00 UTC and the subscription format is first come first serve. The Annual Percentage Rate (APR) for the product ranges between 4% and 179%. 

The official announcement noted that the product may stop accepting new subscriptions at any moment. 

XRP holders are awaiting updates on the ongoing SEC v. Ripple case to identify the direction in which the altcoin’s price will move. The latest court ruling lacks updates and comments and the general sentiment among holders is bullish. 

David Gokhstein, an XRP proponent and crypto educator, believes Ripple is closer to a win in the lawsuit.

Analysts predict 50% rally in XRP price

Analysts have evaluated the Ripple price trend and predicted a breakout in the altcoin. Yashu Gola, a technical analyst at Cointelegraph, believes XRP price could post a 50% rally. If XRP breaks past its multi-year descending trendline resistance, the altcoin could target the $0.57 level. 

Gola believes XRP price is likely to run up toward the next Fib line near $0.72 level. 

XRP-USD price chart

XRP-USD price 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.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Why Bitcoin remains sideways despite record BTC ETF inflows

Why Bitcoin remains sideways despite record BTC ETF inflows

Bitcoin's relative range-bound movement in the past few months, despite record net inflows of $12 billion across spot Bitcoin ETFs, has sparked worry among investors. Many analysts predicted a highly bullish outlook for Bitcoin when the ETFs launched.

More Bitcoin News

UwU Lend offers bounty reward to uncover its exploiter

UwU Lend offers bounty reward to uncover its exploiter

In a Thursday broadcast, UwU Lend consents to a $5 million bounty reward in ETH to whoever discovers the identity of the hacker(s) who breached their protocol. The DeFi protocol has reportedly suffered another breach, which cost $3.72 million.

More Cryptocurrencies News

AAVE price tumbles 20% in 2024 despite doubling its total value locked

AAVE price tumbles 20% in 2024 despite doubling its total value locked

AAVE, a decentralized crypto lending platform, has noted a massive spike in the total value of assets locked (TVL). Rising TVL is considered indicative of higher relevance among market participants and trust in the platform. 

More Aave News

SEC Chair says Ethereum ETF S-1 approvals likely to come over the summer

SEC Chair says Ethereum ETF S-1 approvals likely to come over the summer

Ethereum was down nearly 5% on Thursday as SEC Chair Gary Gensler suggested spot ETH ETFs will likely receive approval over the course of the summer. The update was accompanied by mixed sentiment from derivatives traders.

More Ethereum News

Bitcoin: Is BTC ready for a new all-time high?

Bitcoin: Is BTC ready for a new all-time high?

Bitcoin whales have increased buying activity to the highest level in two months. Investors show no signs of FOMO despite BTC’s recent tussle with the  $70,000 mark. US spot Bitcoin ETFs experienced a notable uptick in activity, reflecting growing market interest.

Read full analysis