- XRP price might finally see a bullish breakout after positive news.
- Pornhub has added XRP, BNB, USDC and DOGE as payment options.
- The uncertainty about Ripple’s situation over the SEC's lawsuit still has a strong effect on XRP.
XRP has lost over 60% of its value since November 24, 2020, after peaking at $0.78. The digital asset plummeted after the SEC sued Ripple, alleging that the company sold illegal securities to investors. On December 29, 2020, XRP price dropped to $0.173 but managed to recover and it’s currently trading at $0.288.
Pornhub adds support for XRP and other cryptocurrencies
In December 2020, Visa and Mastercard announced that they would be cutting ties with Pornhub amid several allegations about the platform allowing illegal videos to be uploaded. Mastercard was the first to drop Pornhub, followed by Visa.
Back in 2019, Paypal, the largest online payment system, also blocked Pornhub, which pushed the platform to accept a wide variety of digital currencies as payment options. Pornhub currently accepts over 10 different cryptocurrencies including XRP, DOGE, Monero, Verge, and others.
Can XRP price benefit from Pornhub’s announcement?
Although the announcement is quite new, it doesn’t seem that XRP price is reacting at all. The digital asset had a significant spike on January 19, jumping from $0.289 to $0.33 within two hours but 24 hours later dropped lower at $0.282.
XRP/USD 4-hour chart
XRP has been trading sideways for the past two weeks and established a symmetrical triangle pattern on the 4-hour chart. XRP price is on the verge of a breakdown below $0.28, which would drive the digital asset down to $0.133.
On the other hand, if the bulls can hold the crucial support level at $0.28, XRP price can rise towards the upper trendline at $0.33. A breakout above this point would push it to a high of $0.51.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.