Bitcoin, which has soared sharply higher over the last few months, has suddenly turned, losing almost 15% in value earlier this week.
Ripple’s XRP, the #3 cryptocurrency by market cap, is also in the red with a nearly 10% loss during the same period.
Where will XRP/USDT be trending in the near term?
After a divergence formed on MACD, Ripple’s price started declining until it broke through the support line of $0.29. It might imply further decline up to the long-term support line around 0.28.
A new monthly low was formed near $0.381 before the price started a fresh recovery, however, XRP is now facing resistance near the $0.405 level.
If XRP price breaks through the resistance line marked at 0.4785, it will signal the start of a stable ascending trend.
On the other hand, if the price struggles to move above $0.42 and $0.43 mark, it could decline once again and might open the doors for more losses towards $0.385.
Make profits by longing or shorting XRP price via margin trading
Margin trading is a rising trend on nearly all cryptocurrency exchanges. Unlike spot trading, where traders only make profits when prices rise, margin trading allows traders to bet on whether a cryptocurrency’s price will rise or fall, enabling them to realize a profit even during a market downturn.
Traders who don’t hold a large amount of cryptocurrencies can opt for margin trading, which allows them to increase their buying power through leverage which can offer a chance to realize even greater profits.
As we analyzed above, XRP price should consolidate between $0.38 – $0.42 soon with major support levels at $0.40, $0.39 and $0.38 and major resistance levels at $0.41 and $0.425.
Based on this, XRP/USDT margin trading during the price fluctuation can bring you profits.
Bexplus exchange is a world-leading Bitcoin futures leverage platform that enables traders to take advantage of crypto market uptrends and downtrends and make profits without having to invest a great deal of money.
In addition to BTC, ETH and LTC futures trading, Bexplus has also listed EOS/USDT and XRP/USD trading pairs with 100x leverage.
Note: The margin and profits in XRP futures trading will be finalized and exchanged to BTC. To trade XRP perpetual contracts on Bexplus, you first need to deposit BTC in your account.
For example, if you deposit 0.1 BTC you can purchase 200,000 XRP contracts, which you can then open long or short positions.
Open XRP Long Position
Opening a long position in a margin trade means that you are betting that the price of the asset will go up. So if you were to buy – or ‘go long’ on – XRP at the price of $0.38 with 0.1 BTC, when it rises to $0.42, you would get 0.7 BTC as profit.
Open XRP Short Position
On the other hand, if you are betting that the price will fall, you can open a short position. If you sell – or ‘short’ – XRP at the price of $0.42 with 0.1 BTC, when it drops to $0.38, you would earn 0.7 BTC.
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