Ripple (XRP) altcoin, the world’s third-largest cryptocurrency has increased by 31 percent against the US dollar in a period of 48 hours. According to the coming altcoin news, the XRP to dollar exchange rate reached an intraday high of $0.405.
The XRP/USD exchange rate on Tuesday increased up to 25.05 percent when the market opened on the Luxembourg-based Bitstamp exchange. The pair dropped up to 5.05 percent during the European session in order to neutralize its overbought levels and found a support level at $0.384.
The sentiment came across the rest of the crypto index when almost all of the top cryptocurrencies reached surplus intraday gains. Bitcoin (BTC) extended its rally action and managed to establish a new 2019 peak towards $8,836. Ethereum on the other hand along with Bitcoin Cash and EOS also recorded double-digit gains over the 24 hours timeframe.
The crypto breakout action enhanced with a rise in trading volume which also confirmed the strong bullish sentiment on the market. Exchanges that support XRP-enabled pairs noted a $3.69 billion worth of buying and selling activity. In the same time, as reported in the best cryptocurrency news sites, the manipulated volume statistics shows that there is about $127 million value of trades over the past 24 hours.
The Ripple (XRP) altcoin was hinting its plan to extend its upside momentum and consolidated sideways while trading at $0.385. The gains of the altcoin are contributed to the confluence of positive fundaments in both outside and inside of the crypto market. The rise of trade tensions between China and the US seem to be influencing the sentiment as it appeared across the rest of the market.
The XRP asset found additional support from the Boerse Stuttgart. The second largest stock exchange launched two-exchange traded notes for Litecoin and XRP. Also, Boston-based asset management company Fidelity Investments announced the offering of XRP trading services to its institutional clients.
The buying sentiments improved for Ripple (XRP) at least in the past few days. They also served as major factors to drive the upside movement further which made it attractive for investors to build their positions. The Relative Strenght Index for Ripple (XRP) was above 70 which shows there is some overbought sentiment. This does not impact the bullish bias in the near-term which hints a downside correction.
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