XRP has surpassed $1 for the first time in 37 months as major cap altcoins are starting to follow Ethereum.
The price of XRP has surpassed $1 on April 6 for the first time since March 2018, putting its market valuation at around $47 billion.Moreover, the fourth-largest cryptocurrency in the global market has broken out against the Bitcoin (BTC) pair, causing it to see significant technical momentum. XRP/BTC 1-month price chart (Bitstamp). Source: TradingView.comMostly a technical rally, not too much fundamentalsWhen XRP was hovering at around $0.75, cryptocurrency traders noted that XRP’s market structure was bullish.Cantering Clark, a cryptocurrency derivatives trader, said that XRP has all the technical components to rally. Since then, XRP rallied from $0.75 to over $1.On April 6, Clark said:”Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher.”Another well-known trader, recognized as “Kaleo,” noted that XRP’s breakout against Bitcoin is particularly optimistic.After its breakout above $1, Kaleo explained that XRP is on the verge of breaking out of a 3-year downtrend against Bitcoin. He noted:”$XRP / $BTC is about to break out of a 3+ year downtrend. Zero exposure here seems irresponsible. When this sh*tcoin starts to pump, it makes vertical moves (aka all at once for a burst). Still very early.”XRP/Bitcoin on Poloniex. Source: Kaleo, TradingView.comSocial volume is growingAnother catalyst behind XRP atop …
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