XRP Rewards Announced By Binance

August 23, 2022 4:42 pm Comments

The largest crypto exchange Binance has now announced a new rewards program which will reward users in the form of XRP for taking online courses.

It is expected that this will bring more online exposure to the digital asset and help promote further adoption on exchanges where it can still be traded on.

Previously, Binance has announced that it has added support for XRP for DeFi staking on the platform which will allow users of the platform to stake their XRP.

By staking their XRP on the platform, they would be able to earn 1.4% APR in rewards.

In addition to that, they have also announced a new integration between XRP and the Binance Card which makes the digital asset much more accessible as a means for payment.

U.today reports:

Binance also announced the addition of XRP as a means of payment with the Binance Card, making it available to over 60 million merchants globally through this integration.

According to on-chain analytics firm Santiment, “XRP is seeing notable whale activity, as well as high optimism, in Friday’s closing trading hours.

We’ve picked up a spike of $100k+ $XRP transactions that hasn’t been equaled since May 13th. Additionally, sentiment is at its highest since April.”

Santiment also claims that the XRP sentiment is currently at the highest level since April this year.

Many speculators are now also feeling more optimistic about XRP’s future path in addition to the overall crypto market.

Whether or not XRP will respond in price due to this new rewards program by Binance is still unknown, but price has not changed significantly as of the time of writing.

With that being said, this could be an additional catalyst for a future bull trend.

U.today concludes:

XRP was trading at $0.336 at the time of publication, down 1.99% over the previous day. On Aug. 17, the bulls were unable to push XRP above the overhead resistance at $0.38, suggesting that the bears are still resolutely holding the level.

As is typical in range trading, XRP experienced buying near the support and selling around the resistance.

At $0.29, XRP might offer strong support from which buyers might move forward. If the price moves back over $0.29, it means that the activity may remain range-bound in the short term.

After buyers push the price above $0.39 or the bears drive the pair below $0.29, the next directional move might begin. Price movement within a range is typically unpredictable and volatile. Therefore, seasoned traders typically hold off on opening a position until a breakout occurs.

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