The price of Ripple currency (Ripple-XRP) continues its downward path to touch the 21-day moving average line (DMA-21) at the level of $0.50, affected by negative news related to the Binance platform stopping the possibility of using XRP as collateral when trading on margin, raising questions. Traders are wondering if this is the right time to sell.
The platform had announced that its users would not be able to use the XRP currency as collateral when trading in Multi-Asset Mode.
The exchange also stopped the ability to use the TUSD stablecoin as collateral, and Binance did not explain why it removed this asset. When the largest cryptocurrency trading entity in the world stops the ability to use a currency as collateral, this is a severe blow to its potential uses.
However, this news did not worry investors, as the price of XRP remained stable during the day. However, this Binance move may increase the momentum of its downward trend that has been extending since reaching its highest levels last March, so the expectations of some chart analysts for the price of XRP in the foreseeable future remain pessimistic, and they believe that it is time to sell it.
Ripple price forecast, is it time to sell it?
The price of XRP has remained relatively stable in recent weeks within a sideways trading range between $0.4-0.56, the latter of which is considered a major resistance area due to its location at the intersection of the currency's previous support level during March and early April (which became resistance) with two average indicators. The 50- and 100-day simple moving average (DMA-50&100), and the downtrend line extending from the highs recorded during March.
Perhaps what confirms the control of the bears (bears) over the market is the failure of the price of XRP to exceed the $0.56 barrier twice in recent weeks, and analysis of its chart indicates the possibility of the price retesting its lowest levels recorded during April at $0.4250, which means an expectation of a decline. The price is imminent at a rate of 15%.

Cryptonews News Ripple price expectations After the Binance platform stopped the ability to use it as collateral when trading futures contracts, is it time to sell it?
Ripple price expectations after the Binance platform stopped using it as a guarantee when trading futures contracts, is it time to sell it?

Joel Frank
May 15, 2024 20:05 GMT+3 | 4 min read
Ripple price expectations after the Binance platform stops using it as a security when trading futures contracts, is it time to sell it?
The price of Ripple currency (Ripple-XRP) continues its downward path to touch the 21-day moving average line (DMA-21) at the level of $0.50, affected by negative news related to the Binance platform stopping the possibility of using XRP as collateral when trading on margin, raising questions. Traders are wondering if this is the right time to sell.
The platform had announced that its users would not be able to use the XRP currency as collateral when trading in Multi-Asset Mode.
The exchange also stopped the ability to use the TUSD stablecoin as collateral, and Binance did not explain why it removed this asset. When the largest cryptocurrency trading entity in the world stops the ability to use a currency as collateral, this is a severe blow to its potential uses.
However, this news did not worry investors, as the price of XRP remained stable during the day. However, this Binance move may increase the momentum of its downward trend that has been extending since reaching its highest levels last March, so the expectations of some chart analysts for the price of XRP in the foreseeable future remain pessimistic, and they believe that it is time to sell it.
Ripple price forecast, is it time to sell it?
The price of XRP has remained relatively stable in recent weeks within a sideways trading range between $0.4-0.56, the latter of which is considered a major resistance area due to its location at the intersection of the currency's previous support level during March and early April (which became resistance) with two average indicators. The 50- and 100-day simple moving average (DMA-50&100), and the downtrend line extending from the highs recorded during March.
Perhaps what confirms the control of the bears (bears) over the market is the failure of the price of XRP to exceed the $0.56 barrier twice in recent weeks, and analysis of its chart indicates the possibility of the price retesting its lowest levels recorded during April at $0.4250, which means an expectation of a decline. The price is imminent at a rate of 15%.

XRP/USD price chart showing that it is following a downtrend extending from the March highs and the possibility of soon retesting the April lows – Source: TradingView
The performance of XRP was weak compared to the performance of other prominent digital currencies that have higher adoption prospects, such as Bitcoin (Bitcoin-BTC) and Ethereum (Ethereum-ETH). Even though the price of XRP is up 74% from the lows recorded during the recent bear market, it is still down 84% from its all-time highs.
In a similar comparison, the price of ETH rose by 230% compared to its lowest levels recorded in 2022, to currently remain at a decline of 40% from its highest levels ever recorded in 2021, while the price of BTC recorded an increase of 300% compared to its lowest levels in 2021, and a decrease of Only 17% of the highest levels recorded this year.
Although Ripple may achieve a victory in its lawsuit with the Securities and Exchange Commission (SEC), it lacks the factors that would drive increased adoption, and here several prominent currencies in the sector - such as Bitcoin and Ethereum - have much better price expectations compared to XRP during the current bull market. Instead of limiting all investments to Bitcoin, traders who can tolerate risks in order to achieve significant returns may turn to investing in meme currencies.
Sausages.
