XRP price plunges yet again nearly 1.5% to touch below $0.24
Binance US to Delists XRP
The US wing of Binance has recently announced to delist XRP with effective from 13 January 2021 through an official blog on its website. The reason mentioned in the blog is the ongoing SEC lawsuit against Ripple.
Due to the lawsuit on Ripple, many US-based crypto exchanges have either delisted the asset or just suspended the trading. This impacted the XRP price to a great extent that pulled back the price even below $0.2. The price had managed to surge, but woefully, plunged yet again.
However, Binance’s trading volume was swelling as many traders had shifted their trading platform to Binance. On the contrary, nearly 90% of the XRP holders reside across the world other than the US. And therefore the impact on the volume may be very less.
XRP Price Analysis
As mentioned XRP price has declined notably in recent days bringing the price below $0.24. Currently, the price is attempting hard to sustain above the strong support line which was initially considered as strong resistance.
The XRP price has been rejected nearly 3 times at $0.25 in the recent past and hence, it becomes a strong resistance level to be tested in coming times. However, the current price is very close to the strong support levels at $0.2324 which is a bit scary as the price may break the support levels to decline more.
At the time of writing, XRP price stands at $0.2370 with a jump of 1.31 percent in its price in the last 24 hours. However, the technical indicators do not point out a bullish trend but the market sentiments are pretty bullish and also the indicator points out towards a ‘buy’ signal.