XRP/USD Stages A Recovery As XRP Futures Go Live On Huobi Exchange

• The sideways trading in the range between $0.33 and $0.30 meant that XRP/USD is supported in a core support zone.
• Huobi customers to participate in XRP weekly, bi-weekly and quarterly contracts starting from 10:00 UTC on March 29.

Ripple has in the past few weeks failed to break above $0.35 leading to a correction towards the key support at $0.30. The sideways trading in the range between $0.33 and $0.30 meant that XRP/USD is supported in a core support zone. However, it appears that the buyers have been losing confidence in the potential of the asset to reverse the trend and attack higher levels towards $0.4. Therefore, on Tuesday Ripple suffered another blow with the price being pushed below $0.3 and $0.9.

The declines come at a time when Ripple’s competitor, Stellar is signing groundbreaking agreements with software companies like IBM IBM and money transfer firms like The Western Union Company WU. IBM and Stellar recently entered into an agreement that allows the software company to leverage Stellars’ public blockchain to create a payment network that will see six international banks use it to launch their own stablecoins. Consequently, Western Union announced that has entered into a partnership with a startup that leverages Stellar blockchain for cross-border transfers.

It is clear that Stellar is gaining more traction against Ripple in terms of adoption. The above groundbreaking developments have placed Stellar on the global map. However, Ripple is currently starved of news regarding the adoption of its payment systems RippleNet and xRapid and the silence is not doing much good to the price of its token XRP.

In other Ripple related news, Huobi exchange has announced the launch of XRP futures contract on its Huobi Derivative Market (“Huobi DM”). XRP futures contracts will start trading on the platform on March 29. At the moment Huobi has support for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and EOS futures contracts. Customers will be able to participate in XRP weekly, bi-weekly and quarterly contracts starting from 10:00 UTC on March 29.

XRP currently trades at $0.3081 after correcting higher 1.84% on the day. The asset has joined other major coins like Bitcoin and Ethereum in recording mid-week gains. Ripple 24-hour trading volume stands at $830 million with a market cap of $12.9 billion.

Image sourced from Pixabay