Ripple Price Hits All Time New Highs Trading Near $0.70.
2021-04-05 | Selina Mathew
Ripple [
XRP, +17.25%], the cryptocurrency
utilized in Ripple Labs’ payments network, is rallying on the coattails of altcoin leader Ethereum [
ETH, -0.29%]‘s recent move to record highs.
XRP rose to $0.72 USD earlier on Monday to hit
the very best level since 2
nd Feb. and was last seen changing hands near $0.70 USD. The third-largest cryptocurrency by
market price has gained 18%
within the past 24 hours,
consistent with CoinMarketCap data.
The price rise comes 3-days after the Ethereum blockchain’s ether token set new lifetime highs near $2100. Since then, the 2nd-leading coin has established
an edge above $2k, helping XRP and few other alternative crypto assets
like Tron [TRX, +15.89%], stellar [XLM, +10.87%], orchid [OXT, +31.03%], bitcoin cash [BCH, +9.06%], and eos ([5.22%] score gains amid the dull action in bitcoin [BTC, +0.25%] – the crypto market leader.
“We’re not seeing anything specific to XRP
and therefore the move feels more like an altcoin season type move given outperformance in other tokens
also,” Joel Kruger, currency strategist at LMAX Digital, added. “Names like Tron and Siacoin [SC, +26.62%] are performing even better than Ripple [XRP] on this more thinly traded Easter holiday Monday.”
With a move to two-month highs, XRP has now completely reversed losses suffered in December after the United States SEC [Securities and Exchange Commission] filed a case against Ripple for raising $1.3 Bln by selling XRP in unregistered securities offerings.
Ripple executives’ attorney James K Filan tweeted earlier on Saturday that Ripple
and therefore the SEC have reached an agreement
to stay the payment company’s two of the four private email correspondences from being scrutinized under
the continued lawsuit. So far, analysts
aren't sure if that’s powering XRP higher.
However,
consistent with chart studies, the cryptocurrency’s prospects look bright, one analyst said.
“XRP has formed an inverse Head & Shoulder pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents,” Delta Exchange CEO Pankaj Balani explained.
Balani foresees XRP rallying to $1 USD and possibly $1.30 USD on a breakout above the neckline resistance.
“The pattern has formed over the six months; therefore,
just in case of a breakout, the bullish move
is predicted to be quick and sustainable,” Balani added within a WhatsApp chat, adding that volatility
is probably going to stay high
due to the SEC lawsuit.
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