The price of the XRP (XRP) digital token started a downside correction at the start of trade after trading near the $0.4740 position against the USD. From the charts, we can see a short-term declining channel with $0.4540 as resistance levels on the hourly chart.
XRP (XRP) Price Today – XRP / USD
The XRP/USD pair is likely going to find decent support close to the $0.4460 and $0.4425 barriers in the near term. The price of the cryptocurrency is now correcting against the USD and should test the $0.4400 support areas respectively.
XRP (XRP) Started a Solid Upward Movement and Managed to Move Above The $0.4600 Area
Yesterday showed a solid upward shift in XRP (XRP) price above the $0.4600 area. The XRP/USD pair went on to trade above $0.4650 and $0.4700. It then traded as high as $0.4745 before starting a downside correction. The price of the cryptocurrency moved down and went on to break the $0.4700 and $0.4600 levels. There was a shift below the 50% Fibonacci retracement level via the last wave beginning at $0.4324 to $0.4745.
The digital asset is currently trading below the $0.4600 area. A short-term declining channel with resistance at the $0.4540 area can also be seen. An immediate support area sits at $0.4324 and $0.4745 as well as $0.4480 respectively. Below this, the price of the cryptocurrency could test key support areas near $0.4460 and $0.4425 in the near term.
What Does The XRP/USD Chart Say?
Looking at the upside, a shift above $0.4540 and $0.4600 may open doors for a fresh upside move. The of the XRP (XRP) token is approaching several important supports above the $0.4400 area. As long as the cryptocurrency stays above $0.4400, there’s a possibility that it will bounce back.
Nexo To Accept The XRP (XRP) Token as Collateral For Loans
According to reports, cryptocurrency loan provider Nexo announced that it had adopted the XRP (XRP) token to serve as a collateral option for XRP users who need access to instant loans. The company made the announcement via its blog last week insisting that the decision was taken after the results of a community poll. The poll indicated that users voted for the XRP (XRP) to be added as a collateral option. The move solidifies the significance of XRP, which has already become the third most valuable cryptocurrency based on market cap.
With this provision by Nexo, holders of the XRP token who need quick cash can borrow using it as collateral instead of selling their tokens, which makes it much easier to hold the cryptocurrency for investment purposes. It also eases selling pressure against XRP. Nexo now becomes the first loan provider to accept XRP as collateral. The move was described via the company blog as “an incredibly powerful utility feature” for the digital token.
In an exclusive interview with CCN, Antoni Trenchev, Nexo loans Managing Partner, revealed that the network is increasing the LTV (loan-to-value) ratio of XRP (XRP) from 30 to 40 percent. Meaning if a user deposits XRP worth $10,000, they can get an instant credit of $4,000. Only Bitcoin (BTC) and Ethereum (ETH) have a higher LTV than XRP. In the announcement, the company also revealed plans to include Bitcoin Cash (BCH) and Litecoin (LTC) as collateral options following the results of a separate community poll.