June 21, 2021

XRP surpasses $1 for the first time since 2018: What’s behind the new rally?

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The price of XRP has surpassed $1 on April 6 for the first time since March 2018, putting its market valuation at around $47 billion.

Moreover, the fourth-largest cryptocurrency in the global market has broken out against the Bitcoin (BTC) pair, causing it to see significant technical momentum. 

XRP/BTC 1-month price chart (Bitstamp). Source: TradingView.com

Mostly a technical rally, not too much fundamentals

When XRP was hovering at around $0.75, cryptocurrency traders noted that XRP’s market structure was bullish.

Cantering Clark, a cryptocurrency derivatives trader, said that XRP has all the technical components to rally. Since then, XRP rallied from $0.75 to over $1.

On April 6, Clark said:

“Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher.”

Another well-known trader, recognized as “Kaleo,” noted that XRP’s breakout against Title: XRP surpasses $1 for the first time since 2018: What’s behind the new rally?
Sourced From: cointelegraph.com/news/xrp-surpasses-1-for-the-first-time-since-2018-what-s-behind-it
Published Date: Tue, 06 Apr 2021 11:35:13 +0100