XRP rose to $0.72 USD earlier on Monday to hit the very best level since 2nd 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.