- Amid the bearish pressure, the price is down 5.07% in the last 30 days.
- If the price goes below $0.48 then it will likely decline further to $0.42 support level.
Coinbase stated yesterday that it has been granted permission to provide perpetual futures trading in a number of cryptocurrencies, including XRP. The move indicates rising institutional interest in trading and speculating on several cryptocurrencies, including of XRP’s price volatility. However the exchange has been evasive about which nations would have access to these futures.
Futures contracts allow for high leverage trading, which has traditionally attracted hedge funds and other institutional investors despite XRP’s low price (now below $0.50). Linda Jones, a prominent Wall Street financial expert, has presented a strong argument that XRP has a bright future. This was in reaction to the news from Coinbase.
Even while there has been widespread talk about a possible IPO for Ripple for a long time, no formal announcement has been made as of this writing. However, this hasn’t prevented people from hunting for any evidence, no matter how minor, that supports their view. Furthermore, the recent Ripple job offering added fuel to the fire of speculation.
Bearish Momentum
At the time of writing, XRP is trading at $0.4824, down 1.69% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 8.78%. Amid the bearish pressure, the price is down 5.07% in the last 30 days.
If the bears continue their domination and drive the price below $0.48 then the price will likely decline further to $0.42 support level. Further breaking this support level will drive the price towards $0.36 support area. On the other hand, if the price goes above $0.50 resistance level, then a fresh rally towards $0.52 is on the cards.
