Ripple, the third valued most valued cryptocurrency for the past two weeks, has seen an upward rally across the market
Ripple’s XRP, the third most valued cryptocurrency for the past two weeks, has seen a significant upward rally.
Although the cryptocurrency was bearish a few weeks back, it has now outperformed Bitcoin, Ethereum and other major altcoins.
XRP became bullish after breaking its multi-year resistance between $0.20 and $0.30. As soon as $0.30 turned into support, it began to rise parabolically.
Due to some key resistance levels momentum is now slowing, but the next trend may depend on Bitcoin and other cryptocurrency markets finding some stability.
Over the past 24 hours, both BTC and ETH have seen red, which has caused the Bitcoin not to break its all-time high benchmark and the overall market has shown signs of weakness.
It can be difficult for altcoins like XRP to expand their newfound dynamic unless Bitcoin gains stability. Since the Bitcoin direction can not be defined, this might cause a bearish move for most altcoins, including Ripple
It’s worth noting that the number of whales with 10 million or more XRP coins has tripled in the past 24 hours. Since November 20, this cryptocurrency has been rising, which shows that large investors are very interested in XRP.
XRP stagnates as Bitcoin trades below its all-time high
After a sharp sell-off that sent Bitcoin to a low of $ 16,400 last week, bulls stepped in and pushed Bitcoin to a new high of $19,800 yesterday on major cryptocurrency exchanges.
XRP has also been affected by this volatility. At the time of writing, the current price for the cryptocurrency is $ 0.62 — down more than 5%. The market has been consolidating for several days around the range of $0.60 to $0.67.
XRP/USD
On the 1-hour chart, Ripple price has a strong resistance zone between 0.64 and $0.655. The bulls managed to defend the support zone formed on November 21. XRP bounced from the upper trendline of the support area.
Breaking the strong resistance level of $0.655 could quickly push Ripple’s price to a high of $0.78 in 2020, setting it up to approach $1. The cryptocurrency market appears to be recovering quickly after its correction and has rallied to a market value of $100 billion in the past three days.