As of recently, the crypto markets have been stabilizing and managed to maintain their upwards momentum as they headed towards the weekend. Many other cryptocurrencies have surged 2% or more – but the altcoin Ripple (XRP) has led the way – which is why it is featured in the crypto news today.
The surge came about after Ripple (XRP) hit its weekly support level. According to analysts, the cryptocurrency will see further gains in the near future as the markets continue to climb.
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Right now, Ripple is trading up just under 10% at its current price of $0.364 and has managed to recover from lows of $0.33 which now appears to have become its support level. If we look at the cryptocurrency over a one-week trading period, we will see that it has climbed significantly and surged from lows of $0.30 to its current price levels.
During the latest price surge of Bitcoin to above $5,000, XRP has managed to make up and climbed by more than 8% today. At the time of writing, Ripple (XRP) has continued to climb under 10% at its current price of $0.364.
According to Mati Greenspan who is a senior market analyst at eToro, Ripple’s price action was first sparked when the Asian markets kicked into gear. As he said:
“Since altseason began, many clients have been asking me about the lack of participation from XRP. Indeed, even though many altcoins had a turn to pump over the last few weeks, Ripple had been feeling kind of left out. Well, that seems to have changed this morning as XRP (blue line) has outperformed during the morning’s Asian session ramp.”
The Cryptomist who is another popular crypto analyst also took to Twitter to analyze XRP and share his thoughts, explaining:
“$XRP Respecting the strongly weekly support, as we currently bounced back within support! Added some upon the wick below.
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I do expect this to hold, unless btc does something drastic.”
As we head into the weekend, there is a talk about the near future of major cryptos and whether they are able to maintain their upwards momentum.
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