Is it Time to Sell XRP as Binance Futures Halts XRP as Margin Asset? XRP Price Prediction

XRP Price Analysis: Binance Futures Stops XRP Margin Trading – Is it Time to Sell XRP?


By Joel Frank
Last updated:
May 14, 2024 16:37 EDT
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2 min read


XRP Price Analysis: Binance Futures Stops XRP Margin Trading – Is it Time to Sell XRP? / Source: TradingView
The XRP (XRP) price continues to struggle below its 21-day moving average (DMA) around $0.50, and the recent news of Binance discontinuing XRP as a margin asset has led traders to question whether it’s time to sell XRP.
Binance users will no longer be able to use XRP as a margin asset in Multi-Assets Mode.
Additionally, the stablecoin TUSD has also been removed as a margin asset.
Binance hasn’t provided an explanation for the removal of these assets.
When the world’s largest cryptocurrency exchange and trading platform removes support for a cryptocurrency as a margin asset, it significantly impacts its utility.
Despite this news, the XRP price remained relatively flat for the day, indicating that traders weren’t overly concerned.
However, Binance’s decision could reinforce the bearish trend that XRP has been experiencing since reaching its highs in March.
Short-term XRP price predictions suggest a bearish outlook. Here’s why some chart analysts believe it may be time to sell XRP.
XRP Price Analysis: Time to Sell XRP?
Over the past few weeks, the XRP price has been consolidating between the upper-$0.40s and the $0.56 level.
The $0.56 level is a crucial resistance zone, as it coincides with support from March/early April, the 50 and 100-day moving averages (DMA), and the previous downtrend from the March highs.
XRP’s failure to break above $0.56 on two occasions in recent weeks indicates that bears are in control of the market.
Chart analysis suggests that a retest of the April lows around $0.4250 is likely, which would result in a short-term 15% drop for XRP.


The XRP price has been in a downtrend since its March highs and could soon retest the April lows. Source: TradingView
Compared to other cryptocurrencies with a more positive adoption outlook, such as Bitcoin (BTC) or Ethereum (ETH), XRP has consistently underperformed.
XRP is only up 74% from its recent bear market lows and down 84% from its all-time highs (ATHs).
In contrast, Ether has seen a 230% increase from its 2022 lows and is only down 40% from its 2021 ATHs.
Bitcoin, on the other hand, has gained nearly 300% from its 2021 lows and is only down 17% from this year’s ATHs.
Although XRP may be winning its lawsuit against the SEC, it lacks a compelling adoption narrative.
Bitcoin, Ether, and many other major cryptocurrencies have a much more promising outlook in the current bull market.
Instead of putting all their funds into BTC, traders seeking upside risk may want to consider investing in meme coins.
Meme coins like Dogecoin (DOGE) offer the potential for 5x gains.
For meme coin investors looking for even higher potential returns, they can explore smaller, lesser-known meme coins.
One such crypto that the team at Cryptonews is excited about is the fun and innovative Sausage-dog-themed meme coin Wiener AI (WAI).
Alternative to XRP: Wiener AI (WAI)
Wiener AI offers a range of AI trading capabilities and is currently available in presale.
The presale has already raised over $1.8 million as anticipation for the token’s launch grows rapidly.
Investors interested in joining the “Sausage army,” Wiener AI’s community, should act quickly as the WAI price will increase once the presale reaches $2.15 million.
With a current price of $0.000707, investors can buy WAI at a market cap of under $50 million.
20% of the token supply has been allocated to staking rewards.
As a result, presale investors can earn a significant 538% APY, according to the project’s official website.
Wiener AI has the potential to reach hundreds of millions or even billions of dollars.
Presale investors in WAI could potentially secure gains of 10x or more.
Visit Wiener AI Here
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all of your capital.