XRP Rallies to Hit Three Year High of $1
For the first time since March2018, XRP’s price has breached $1, pegging its market value at about $47 billion. Furthermore, the fourth largest crypto in the world market is also gaining ground against Bitcoin (BTC), allowing it to record considerable technical momentum.
When XRP was trading at about $0.75, crypto traders pointed out the robust underlying fundamentals. Cantering Clark, a crypto derivatives trader stated that XRP has all the technical aspects for an uptrend. Therefore, XRP appreciated to $1, from $0.75.
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. pic.twitter.com/Y4sHCnFkBI
— Cantering Clark (@CanteringClark) April 5, 2021
Another popular crypto trader, known by the nick name “Kaleo” pointed out that XRP’s rally against Bitcoin is specifically positive. After its rally above $1, Kaleo detailed that XRP is on course of eclipsing a three year downtrend against Bitcoin. He stated:
Zero exposure here seems irresponsible.
When this sh*tcoin starts to pump, it makes vertical moves (aka all at once for a burst).
Still very early. pic.twitter.com/Uc6nufNX4Y
— K A L E O (@CryptoKaleo) April 6, 2021
Another factor backing XRP’s uptrend is the increase in popularity on social media platforms. According to data published by Santiment, a data analytics platform, XRP’s social volume has been rising quickly in parallel with many more cryptos.
📈 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
In case the technical framework of XRP stays unchanged and the social volume continues to remain high, XRP’s momentum could likely push the crypto to the next key resistance zone. Technically, next resistance is anticipated at about $1.20 with a macro resistance at $2, formed in late December 2017.