The altcoin news today show that the Ripple XRP price is lagging and has been caught within a firm uptrend throughout the past few days. However, none of these movements was enough for the coin to secure the $0.2000 mark which has been crucial over the past period. XRP has been unable to match the significant gains that were seen by cryptocurrencies such as Bitcoin, Ethereum and other major altcoins.
So, while the XRP price is lagging, the new trend today shows a minimal 0.40% loss as the embattled token is only trading up marginally while ETH has surged by more than 4% and Bitcoin jumped around 1% in the news today.
In spite of the weakness, analysts believe that the Ripple news could show well positioning of XRP and a potential upswing in the Ripple price in the days ahead. This would certainly allow the altcoin to climb up towards the next key resistance level around $0.22.
At the time of writing, XRP is trading up nominally at a current price of $0.194. This marks a slight climb from the daily lows of just under $0.19. Over a weeklong trading period, we can see that the cryptocurrency has been able to show some signs of strength as it climbed from lows of $0.18 to the highs set earlier yesterday.
The XRP price is lagging but the coin has been underperforming Bitcoin, which rallied from the weekly lows of roughly $7,000 to the highs of $7,800. Today, the Bitcoin news also show a retracement below $7,600.
According to our analysts at DC Forecasts, a momentum like this is hard to build. Even if we see minimal losses today, we can see that cryptocurrencies may be in the mood for new rises from tomorrow – and could be gearing up for more bullish action as the month of May approaches.
You probably know that May 2020 holds a significant event in the cryptocurrency industry – the Bitcoin (BTC) halving which is expected to reduce the block size of mining the coin to 6.25 BTC – and would therefore increase the value of a Bitcoin. This is why many investors are bullish on Bitcoin in the coming weeks. Just like that, BTC may also drag other altcoins to new profits.
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