XRP, the cryptocurrency used on Ripple Labs’ payment network, is on the rise of Altcoin Leader Ether’s recent move to hit record highs.
XRP rose to $ 0.72 early Monday, its highest level since February 2. Most recently it changed hands near $ 0.70. According to CoinDesk 20 data, the third largest cryptocurrency by market value has gained 18% in the past 24 hours.
The price spike comes three days after the Ethereum blockchain’s ether token hit new lifetime highs near $ 2,100. Since then, the second largest coin has gained over $ 2,000 a foothold, helping XRP and a few other alternative cryptocurrencies like Tron, Star, Orchid, Bitcoin Cash, and EOS score gains, while Bitcoin – the leader in crypto – gets boring becomes.
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“We don’t see anything specific to XRP and the move feels more like an altcoin season type change as other tokens are also outperforming,” Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. Names like TRON and Siacoin “do even better than XRP on this thinly traded Easter holiday Monday.”
Moving to a two-month high, XRP has now fully reversed the losses it suffered in December after the US Securities and Exchange Commission filed a lawsuit against Ripple for raising $ 1.3 billion through the sale of XRP in unregistered securities offerings .
Ripple executive attorney James K Filan tweeted on Saturday that Ripple and the SEC had reached an agreement to prevent two of the payment company’s four private email correspondence from being examined as part of the ongoing lawsuit. So far, analysts aren’t sure if this is driving XRP higher.
However, according to chart studies, the outlook for the cryptocurrency looks good, one analyst said.
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The story goes on
“XRP formed an inverted” head and shoulders “pattern with a head of 20 cents, shoulders of 40 cents and a cutting resistance of 70 cents,” Pankaj Balani, CEO of Delta Exchange, told CoinDesk.
Balani expects XRP to rise to $ 1.00 and possibly $ 1.30 on a breakout above the cutting resistance.
“The pattern developed over the six months. Therefore, in the event of a breakout, the uptrend is expected to be fast and sustainable, ”Balani said on a WhatsApp chat, adding that volatility is likely to remain high due to the SEC lawsuit.
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