- Ripple (XRP) price has reached over $1 today.
- XRP has spiked over 85.5% in the last seven days.
- The price rise comes three days after Ethereum sets its new ATH.
Ripple (XRP), the fourth-largest cryptocurrency by the market has reached over $1 for the first time since March 2018. However, XRP has spiked over 85.5% in the last seven days, according to CoinGecko.
Moreover, the price rise comes three days after the second-largest crypto Ethereum sets new lifetime highs near $2,100. Since then, Ethereum has established a foothold above $2,000, helping XRP and few other alternative cryptocurrencies such as tron, stellar, orchid, bitcoin cash, and eos score gains despite the poor movement in bitcoin.
📈 Most #altcoins have been maintaining their upward trajectory to start the week, with no greater surge among top 100 assets than what we’ve seen from $STX, which is seeing a 5-month high in social volume. Other spikes include $XRP, $XTZ, $FTM, and $BTG. https://t.co/LdfsYuQPWW pic.twitter.com/bZ5koEtBgW
— Santiment (@santimentfeed) April 6, 2021
With a move to two-month highs, XRP has now fully reversed losses suffered in December after the US Securities and Exchange Commission (SEC) filed a case against Ripple for raising $1.3 billion by selling XRP in unregistered securities offerings.
According to CoinGecko, the XRP price is at $0.99, at the time of writing.
In the monthly time frame shown above, the XRP has shown an inverse head and shoulder pattern. Moreover, it is a reliable indicator that can also signal that a downward trend is about to turn into an upward trend.
Delta Exchange CEO Pankaj Balani said,
“The pattern has formed over the six months; therefore, in case of a breakout, the bullish move is expected to be quick and sustainable”
All in all, if the technical indicator of XRP remains intact and the social volume remains consistently high, the price movement of XRP could potentially take the cryptocurrency to the next major resistance area. Furthermore, the next resistance level of XRP is at around $1.20 and can even reach $2 soon.
Recommended for you
