Ripple’s XRP has in the last 24 hours cleared a key resistance. After surging by more than 10%, the altcoin has climbed above $0.17. This comes after days of trading within the $0.15 to $0.16 price range. Next, the bulls will be looking to get back to its previous range of $0.20 to $0.25 before setting higher targets in the coming weeks.
Although XRP is looking strong, the rest of the market is still slumped. XRP’s surge has failed to trigger a wider market rally and is only one of two coins in the top ten with a substantial increase from the last 24 hours. Binance coin is the other after climbing by around 7%.
Bitcoin and Etheruem, the only two coins with a higher market cap than XRP, are both trading sideways. They are fortunately still in the green zone both recording a marginal increase of less than 1% at the time of writing this.
What Triggered XRP?
There has not been a new development with Ripple, the company propping XRP. This suggests that the latest move has been a technical one. Since XRP dropped below $0.15, during the last wide market bear move, the coin lacked enough momentum to correct the drop and get back to its long term range. The coin has finally gotten the momentum to break above and get back to this.
In the next bullish wave, XRP is set to have enough bullish support to test the $0.20 resistance and have strong support to stay above $0.17 in the long term.
Market Sentiment Still High
The market, led by Bitcoin, seems like it is stalled. There have not been any key developments and previous ones; Bitcoin’s difficulty adjustment, stimulus package bill and increase in unemployment numbers in the U.S seem to have gone unnoticed. This could be worrying for investors as it signals bulls’ exhaustion.
This is supported by the drop in daily trading volume. During major bullish moves, trading volume has been in the highs of over $50B for Bitcoin. This has gradually fallen in the last few days and is now in the lows of $36B.
Key supports remain intact which is positive and any minor trigger could send prices spiraling. As we reported, a major price move is looming and with every passing day, it is harder to predict which direction it will take the market.