Rakuten, a major Japanese online retailer, has announced the return of XRP margin trading on its Rakuten Wallet exchange. The service was shut down on December 24, only two days after the Securities and Exchange Commission filed a historic case against Ripple. The cryptocurrency’s price discovery , according to Rakuten Wallet, is now steady enough. Coinbase, Kraken, Binance U.S., and a slew of other exchanges are yet to reinstate trading in the U.S, with Ripple’s fate hinging on the outcome of the lawsuit.
Technically, Ripple did exactly what we expected it to do in our last week’s report, it broke the orange trendline marked on the chart and now it started an up move. For the following week we see a consolidation happening in this area before the price continuing higher. If the price retraces deeper than 1.20-1.15, we could see a bigger consolidation in this area before the upside.
Trade with care.
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.