Most quoted cryptographic exchange Binance announced that Ripple (XRP) will become the quote currency in two new pairs
On 24 December 2018, the most quoted cryptocurrency Binance announced that Ripple (XRP) will become the quote currency in two new pairs: TRX / XRP and XZC / XRP.
This is an important victory for fans of Ripple and XRP, and the market reacted quickly as the XRP / USD jumped to a maximum of 0.46 a few hours after the announcement. As for the other two cryptocurrencies in the new pairs, Binance CEO and founder Changpeng Zhao said they were added to "thank TRX and XZC for supporting the #Binance charity efforts."
As a side note, there seems to be some confusion on the Internet regarding the whole base / quote, so let's make it clear: the first currency in a currency pair is called the basis and the second is called the quote.
In addition, the announcement of Binance reads "Binance will add TRX / XRP and XZC / XRP trading pairs with XRP as a share asset in the new combined ALTS trading market (ALTS) to 2018/12/24 11:00 (UTC ) ", thus supporting what I have just said. So the next time you read that XRP was added as a "base", it actually meant "quote".
Graph analysis – XRP / USD
Ripple added nearly 14% against the US dollar in the last 24 hours, with many gains triggered by Binance's announcement. Currently, XRP / USD is trading at 0.43, returning a bit from the high to 0.46 but very bullish in recent times.
The recent price increase has broken the resistance zone at 0.40 and the 200-period exponential moving average in the 8-hour chart, but is still below the moving average of the daily chart. If we get a daily close above the 200 EMA (which is considered one of the most important for the general direction of the trend), we will probably have an influx of new buyers, which in turn will take the price even higher.
The Relative Strength Index is entering overbought for the second time on the 8-hour chart, but is still not above its 70-level (overbought) on the daily chart. All of this paints a blurry picture with mixed signals, but considering the positive feeling that now surrounds the XRP, we prefer a prolonged climb, without excluding minor retracements.
Support zone: 0.40 and 200 EMA (on an 8-hour chart)
Resistance zone: 0.45 and 0.50
The most likely scenario: move to 0.50
Alternative scenario: minor retracements