- XRP/USD stays around $0.5200, recovering from Asian lows
- XRP-backed loans are now available at Cred.
XRP/USD is hovering around $0.52 handle, off the Asian low $0.5118. The third largest cryptocurrency has gained 2.3% in recent 24 hours to become the only growing digital asset out of top-10.
XRP-backed loans
Cred, the company that provides crypto-backed loans, announced that XRP holders can get USD loans collateralized by their coins. Basically, they do not need to sell their long-term holdings digital assets to cover every day or unexpected expenses but borrow fiat using XRP as a collateral.
“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community, Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important,” Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor commented.
This news might have triggered the XRP/USD rally on Monday.
Ripple’s technical picture
XRP/USD still needs to return to the area above the lower border of the recent channel ($0.5265) to negate the short-term bearish trend. In this case, the upside may be extended towards $0.54 and $0.5570, where new sellers are likely to join the game.
On the downside, the first support is created by the intraday low of $0.5107 (SMA50, 4-hour). It is followed by psychological $0.50 and $0.4826 (SMA100, 4-hour).
XRP/USD, 4-hour chart
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