XRP price is currently experiencing a consolidation phase after failing to breach the crucial resistance level of $0.644 for the second time in the past two weeks. It is currently trading at $0.631. Despite this, the broader market cues show a sustained bullishness above the $0.600 mark.
In more positive news, Binance, the world’s largest cryptocurrency exchange, recently announced the listing of new trading pairs for Ripple and other altcoins with USDC (USD Coin). This development is expected to increase liquidity and attract more buyers for Ripple, potentially leading to a price rise. However, it may take some time for this effect to materialize.
From a technical analysis perspective, the XRP price has been moving sideways within the range of $0.600 and $0.644, indicating a consolidation phase. The failed breach of the resistance level suggests that Ripple may continue this sideways movement until a significant development occurs. The upcoming New Year hype and the potential approval of a spot Bitcoin ETF could potentially drive the price beyond the resistance level and push it towards $0.700.
However, if the breach fails again, the bullish thesis would be invalidated, and the XRP price would remain range-bound until market whales and bulls take control.
Overall, XRP price consolidation continues amidst the news of Binance listing Ripple-USDC trading pairs, and traders are eagerly anticipating a significant development to drive the price in either direction.