TLDR
- XRP is trading near $1.50 after briefly hitting $1.66 on September 23, following a 20%+ rally from its September 17 low near $1.25.
- Binance will distribute $800,000 in XRP to RLUSD holders over four weeks, starting September 25.
- Binance’s XRP reserves have climbed to about 2.68 billion tokens, the highest level since June.
- Key support sits at $1.40 to $1.42, while resistance remains at $1.60 to $1.66.
- The XRP Ledger’s Permission Delegation amendment could activate on October 5.
XRP is trading near $1.50 after briefly reaching $1.66 on September 23. The move gave back part of a rally that lifted the token more than 20% from its September 17 low near $1.25.
The September 23 session saw a wide range between roughly $1.48 and $1.66. The high briefly pushed XRP’s market cap back above $100 billion before profit-taking reversed the move.
XRP pared earlier gains and fell about 6% ahead of the monthly crypto options expiry. Trading volume dropped 18% over the past 24 hours.
Binance Launches New XRP Rewards for RLUSD Holders
On Thursday, Binance expanded its support for XRP and Ripple’s RLUSD stablecoin. The exchange announced a four-week campaign starting September 25 that will distribute $800,000 worth of XRP to RLUSD holders.
Users across Spot, Funding, Earn, and Margin accounts can earn XRP payouts every Friday until October 23. Holders need a balance of at least 0.01 RLUSD to qualify.
Binance takes hourly snapshots and uses the lowest daily balance as the qualifying amount. Weekly rewards are based on a 7-day average balance multiplied by an APR the exchange publishes each Friday.
RLUSD bought by borrowing other stablecoins in Margin will face a 60% haircut. Users in the US, UK, EU countries, Canada, and other listed regions are excluded.
RLUSD’s market cap has grown from $1.51 billion since Binance first launched XRP rewards. It now stands at about $2.37 billion.
Binance’s XRP reserves have also risen to about 2.68 billion tokens, the highest level since June. More tokens on exchanges can mean more supply is available to sell, though deposits do not confirm selling.
Key Price Levels and Ledger Upgrades
Near-term resistance sits at $1.57, followed by the $1.60 to $1.66 zone. A daily close above $1.66 would put the September high near $1.70 back in focus.
On the downside, the main support is $1.40 to $1.42, where the 20-day EMA sits. The 50-day and 200-day EMAs are near $1.33 and $1.35.
The 20-day Chaikin Money Flow stood near -0.04 on September 24. This suggests buying pressure did not keep pace with the price rally.
In the derivatives market, total XRP futures open interest fell nearly 9% to $3.60 billion over 24 hours, according to CoinGlass. The 4-hour figure climbed 1.26%, with gains on both CME and Binance.
On the XRP Ledger, proposals XLS-65 and XLS-66 would add native pooled lending. They still need more than 80% validator support for two weeks and have no activation date.
Another amendment, PermissionDelegationV1_1, entered its 14-day activation period with backing from 29 of 35 trusted validators. It lets one account grant specific permissions to another without handing over its keys.
If support holds, the amendment could activate on October 5 at about 11:18 UTC. XRP was last trading at $1.51.
The post XRP (XRP) Price: Token Holds $1.50 After Rejection at $1.66 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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