XRP Swell 24% After Bitcoin’s Massive Price Surge Above $24K

XRP swell 24% shortly after bitcoin hit a new all-time high above $24,000, leading Ripple’s coin out of the red market as we can see in today’s XRP price news below.

The fourth-biggest cryptocurrency by market cap was among the best performers this day as XRP swell 24% in the previous day. the XRP/USD exchange rate hit a new weekly high of $0.585 with the gains driven alongside the general upside narrative across the crypto market. The XRP boost started shortly after BTC which is the biggest cryptocurrency by market cap, increased above the $20,000 level and the exchange rate of BTC/USD made an upside move and led the rival tokens to tail the trend thanks to its long-standing positive correlation with the top-cap altcoins.

The XRP pump started shortly after Bitcoins’ while Ethereum jumped by 11.29% under bitcoin’s influence. XRP’s gains surpassed the gains of other tokens which could be because of the recent partnership with IBM and Expertus technologies which is a Canadian fintech startup that experiments with XRP-based Ripple payment solutions.

In the meantime, XRP could have also led the rally because it was cheaper than the rest of the tokens especially because of its 45% price crash from the high of $0.79. The trades awaited for a Bull run after bitcoin’s move above $20,000  and focused on XRP for its cheaper valuations rather than some other top-tier coins.

The XRP/USD exchange rate just increased above the short-term descending trendline after its move today, raising more expectations of another upside run in the upcoming few days. It is because of the formation of the two converging bullish patterns like the falling wedge and the descending parallel channel. Both are technical indicators that have some common resistance trendline. In the meantime, they are bullish according to their descriptions with each of them having their own upside targets.

For example, the Rising Wedge bull target for the pair is near the $0.79 level while the descending Channel’s upside target is set at $0.76. For example, the Rising wedge bull target for the pair is near $0.79 while the descending channels upside target is set at $0.76.