By: Klyde Carpizo
The crypto currency known as XRP (+27.34%) used in Ripple Lab’s payment network is coping up in the world of digital currencies following up with the leading altcoin Ether (ETH, -1.35%) taking over record highs last week.
XRP hits 0.72$ last Tuesday (Pacific time) to reach high value level since the month of February. According to Coins desk 20 data, XRP gained 18% within the day (April 6,2021)
“We’re not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well,” Joel Kruger, currency strategist at LMAX Digital.
Most analyst believe that Ripple’s XRP only gained because of the “alt season” weekend meaning altcoins rise because of speculative presentation of traders believing it would rise up in the market.
But in the past December 2020, Ripple is struggling against the US Securities and Exchange Commission’s (SEC) law suit violating privacy contracts by selling their currency (worth 1.3$ Billion) to unregistered securities. The law suit is still active until today, bringing mass speculation through both traders and analyst to uncertain conditions.
However looking at the technical world, chart studies shows a potential to XRP
According to the report from Coins desk, an analyst stated that “XRP has formed an inverse ‘head and shoulder’ pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents,” Delta Exchange CEO Pankaj Balani
XRP may go up with it's 2017 prices to 1.09, 1.20, 1.24 according to yahoo finance
At the end of the day, most alternative coins like XRP tends to dwell sideways prices to major whale coins like Bitcoin and Ether. It’s possible that XRP will lower it’s value once Bitcoin will make a huge direction in the market due to traders and investors reacts to capitalize on low risk digital currencies like Ether.
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