XRP Price Has Exceeded $1 For The First Time In 3 Years: What Triggered A New Rally?
The price of one of the most popular digital currencies has risen for the first time since the spring of 2018. At the moment, XRP has a market cap of $47 billion. Moreover, Ripple has grown relative to the Bitcoin currency pair. It has led to an increase in technical value.
All About the Technique
In general, the current rally of XRP is defined as technical since there aren’t very many fundamental factors. When XRP was at $0,75 for a long time, traders noted that the market structure was bullish. Therefore, the coin has all the essentials for further growth. It was stated by crypto derivatives trader Kantering Clarke on his Twitter.
His words went in a following way:
The forecast came true – XRP rose to the $1 level.
Another well-known trader, known on Twitter under the nickname CryptoKaleo, noted Ripple’s rise relative to Bitcoin. In his opinion, this is incredibly optimistic. After all, we are talking about a breakout that could lead to an exit from a three-year downtrend.
Here’s what CryptoKaleo tweeted:
Growth of social volume
Another important catalyst for the XRP surge is the rise in mentions of the coin on social media.
Analysts at data analytics platform Santiment believe that Ripple has already joined several other digital assets in terms of social volume.
If technically, Ripple remains the same, and the team’s activity on social networks continues to grow, then the XRP price may enter a new area of resistance. So, the following psychological threshold is $1.20. In this case, the maximum price in sell orders is $2.
It’s just the beginning
Overall, Ripple’s stock price has risen 55% over the past two days. It’s because the team has resumed work on a global payments network that is both inclusive and sustainable.
The first wave was fueled by Ripple Labs’ publication on the theme “Building a More Inclusive and Resilient Financial System.” It described that “developers are collaborating with leading financial corporations, leading universities and research centers, as well as foundations.” The second wave was triggered by the release of April 5 to expand the possibilities of cross-border payments.
Against these actions’ backdrop, the daily trading volume as of April 5 increased from $5 bln to $18.4 bln.