The price of Ripple’s XRP token has decided to finally join the party and start mooning along with the rest of the cryptocurrency market.
Earlier today it shot up by an impressive 26 percent in the space of four hours, quickly escalating from $0.321 to a high of $0.405. Soon after a minor correction took it back down to $0.370 but it quickly recovered and has now hit a new high of $0.417, a huge 30 percent increase.
Many skeptics doubted if XRP would join in the rest of the cryptocurrency market which began enjoying spectacular gains this weekend following Bitcoin’s sudden rally that saw the coin gain 30 percent profit in just 48 hours.
Despite XRP’s relative strength index (RSI) at 78.18 indicating it’s overbought and giving it a strong sell signal, overall indicators suggest it is still in a buyers market. It has now crossed above all simple and exponential moving averages all the way up to the 200-day EMA at $0.35, putting it in a strong buying position.
This puts the XRP price at it’s highest trading level since late-December last year when it reached $0.46.
Quantitative analyst @Cryptopolis sees XRP as the digital asset of choice by Wall Street should stock market returns diminish in the coming months. Yesterday he posted the following Tweet confirming his position:
“Traditionally when the stock return outlook is diminished, capital moved into bonds and or / commodities. Now there’s a new kid on the block: digital assets. Wall Street will choose #XRP”
As with previous cryptos in the market, much of XRP’s success has been attributed to the ongoing U.S.-China trade war, although evidence to back up these theories is weak. However, XRP’s position as a hedge for international remittance company Ripple makes it more likely to benefit from financial interests outside of the cryptocurrency industry.
The announcement yesterday of its inclusion in German exchange giant Boerse Stuttgart’s list of traded cryptocurrencies has undoubtedly helped to push the recent rally. The exchange-listed XRP along with Litecoin (LTC) as assets that will be traded via Exchange Traded Notes (ETN’s) within the Boerse Stuttgart’s ever-expanding crypto portfolio.
In addition, U.S. finance giant Fidelity Investments mentioned earlier this month the possibility of adding XRP to it’s growing list of crypto services. At the time, the announcement focused largely on Bitcoin but has since increased its outlook to highlight a broader range of digital assets.