Ethereum is dragging major altcoins in its wake, including XRP. For the first time since 2018, the price has offered a foray beyond a dollar. Can such a price last?
It is ultimately only Bitcoin, at this point, that is not enjoying a boom. Ether is now settling beyond $ 2000. And the second of cryptocurrencies has in its wake other crypto-assets.
The result: a crypto market that is now worth more than $ 2 trillion, that is, $ 2,000 billion. XRP, which had seriously declined in the global hierarchy, is also benefiting from this uptrend.
XRP Can Tackle $ 1.20 Resistance
The figures of the last few days are indicative of this dynamic in which the Ripple token is taking place. On April 4 at 8:20 p.m., the token was trading for $ 0.61. On April 6, in the morning, XRP was around $ 0.90.
And this trend continued on that same day. At the point for the cryptocurrency, ex number 3, to pass the dollar course. Its capitalization thus flirted with 47 billion dollars, or 20 billion more in a few days.
But in addition, it was crossing the dollar threshold, which XRP had not experienced since March 2018, as CoinDesk recalls. Since then, the price of the token has dropped back below this level. But it could well resume its rise.
XRP benefits from sanctions and reactions from exchanges
According to trader Cantering Clark, all the technical components are in place for this. And paradoxically, XRP would benefit from its withdrawal from major exchanges. XRP may tackle the $ 1.20 resistance soon.
However, the token remains very far from its historical record (ATH) of January 2018. XRP was then trading at $ 3.30, according to Messari. Such a level is not relevant. Even on the legal front, the battle between Ripple and the SEC continues.
Another cryptocurrency recently demonstrated that a sanction from the authorities does not necessarily mean end of course. After years of litigation, Tether was fined $ 18.5 million.
Ripple executives might be satisfied with such an outcome. The trouble with the SEC will last, at a minimum, several more months. In the meantime, XRP is therefore resuming colors, making you forget the dark month of December 2020.