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Ripple Hopes New Binance Pairs Can Give XRP Price Boost

Last Updated January 2, 2024 12:09 PM
Teuta Franjkovic
Last Updated January 2, 2024 12:09 PM

Key Takeaways

  • Ripple’s value has remained in a narrow range between $0.60 and $0.644 over the last month.
  • Binance introduced additional trading pairs for XRP, such as with the stablecoin USDC, potentially enhancing its liquidity.
  • The trajectory of XRP remains unclear, yet it may experience shifts in the upcoming year.

Ripple’s native cryptocurrency, XRP , recently made a second attempt within two weeks to breach the $0.644 resistance level, marginally succeeding at $0.645.

This development has garnered attention, especially after the Binance crypto exchange announced  updates that add complexity to XRP’s narrative.

Binance’s Latest Additions

At the time of writing (January 2 2024), XRP is valued  at $0.637. Despite positivity surrounding Binance’s introduction of new trading pairs, XRP has yet to experience a significant price rise.

Binance revealed  its intention to launch ten new cryptocurrency pairs, featuring prominent cryptocurrencies including Ripple, Cardano (ADA), Avalanche (AVAX), and Solana (SOL). These pairs will be tied to USD Coin (USDC) and will become accessible starting December 28. For Ripple, pairing with the second-largest stablecoin may boost its liquidity and attract additional investors, which could positively influence its price.

Following its mid-November decline, XRP has mostly fluctuated between $0.60 and $0.644. Efforts to surpass this resistance level have so far been fruitless.

Future Outlook for XRP

Current technical analysis indicates that XRP is undergoing a consolidation phase. Its recent failure to break past the resistance level suggests this may continue.

Looking forward to the New Year amid discussions of a potential spot Bitcoin ETF approval, XRP could experience shifts in its trajectory. There’s potential for XRP to cross the $0.644 threshold, possibly reaching up to $0.70. Nonetheless, the course of this digital asset will be heavily influenced by major market participants and bullish market strategies.

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