XRP Surges 30% Higher—and Analysts Think There’s Upside to Come

XRP has surged dramatically higher in the past day. The coin is up 30% against the U.S. dollar in the past 24 hours, making it the top-performing crypto asset in the top 100 by market capitalization. That’s no joke, XRP, a coin that has almost continually been bleeding out since the 2018 highs, has gained 30% in a single day.

As of this article’s writing, the coin is trading at $0.45, its highest price in many months. Analysts think the cryptocurrency could move even higher in the days ahead as technical trends align in the coin’s favor.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

XRP Has Room to Move Higher

Analysts think the cryptocurrency could move even higher in the hours and days ahead.

Joe McCann, an engineer at Microsoft and a prominent crypto-asset analyst, recently shared to his Telegram channel that XRP just confirmed a bullish MACD crossover. The MACD, or Moving Average Convergence Divergence, is a popular technical indicator that attempts to show an asset’s trend.

He thinks this is a sign the coin could move even higher in the new future. He notably did not explain on which time frame did the MACD cross positively for.

Analysts think that XRP could move even higher as it breaks out of macro downtrends, which had compressed the cryptocurrency’s price action over a number of years.

How high XRP will rally in the near term remains to be seen. Though, many are confident that a followthrough will take place as the cryptocurrency moves up 40% in a single trading session.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi and Bitcoin to Eventually Benefit?

Analysts think that DeFi and potentially Bitcoin will eventually benefit from the rallies in older cryptocurrencies that may not have the users that DeFi has.

Eric Conner, referencing XRP, Bitcoin Cash, amongst other older cryptocurrencies, recently commented on the discrepancy between DeFi and these “ghost chains”:

“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”

When this transition from older cryptocurrencies to DeFi “blue chips” will happen remains to be seen.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Surges 30% Higher—and Analysts Think There's Upside to Come

Credit: Source link

Latest articles

PayPal and Square’s Cash App have scooped up 100% of newly-mined Bitcoin, report says | Currency News | Financial and Business News

Smith Collection/Gado/Getty Images PayPal and Square's Cash App have scored 100% of the new supply of Bitcoin, according to crypto hedge fund Pantera...

Paypal CEO Schulman Say He’s Bullish on Bitcoin as a Currency

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here