Your favorite crypto news blog

What is Driving XRP’s Explosive 6 Percent Intraday Rally?

Altcoins 2020/04/28 13:30 by Tony Spilotro
The number three ranked cryptocurrency by market cap, XRP, exploded this morning, rising more than 6 percent in less than two hours of intraday trading. Will the Ripple rally continue? And what are the driving forces responsible for today’s surging XRP prices? XRP Finally Rips, Growing Over 6 Percent in Two Hours Flat It’s difficult to ignore just how poorly XRP has performed for cryptocurrency investors since the world first caught wind of the asset in late 2017 during the crypto hype bubble. Compared to nearly every other altcoin and Bitcoin, XRP has provided the worst ROI over the last few years of a bear market. But after two and a half years of selling, XRP may finally be staging its recovery rally. XRP this morning had an explosive price surge, rising from $0.19749 to $0.21075 – or just under a 7 percent rally. Key factors behind the strong rally include multiple TD 9 buy signals stacking across many high timeframes, on both the XRPUSD and XRPBTC trading pairs. Related Reading | XRP Buy Signals Stacking on Multiple Timeframes May Spark Ripple Recovery XRP also reclaimed a critical trendline recently, which could be in part responsible for the additional push. The rally could be the start of a powerful Ripple fractal nearing the next phase of the pattern: a further rally upward bringing investors a few hundred percent returns. Although market conditions may appear bleak, stimulus money could be making its way into what is one of the lowest cost cryptocurrencies per token in the top ten crypto assets by market cap. Newcomers buying crypto their first time may opt for XRP, over Bitcoin at over $7,000 a coin. Ripple Ready to Sustainable Rally, Thousand Percent Gains Not Unrealistic If the Ripple rally can sustain, the crypto market may be in for a shocking surprise. According to a fractal that has formed on XRP price charts, the altcoin could see a major boost in the days and weeks ahead. The fractal points to XRP holding an important trendline after multiple attempts were made to push the asset back below. Once the trend line was confirmed as support, Ripple rallied by over 800 percent. Related Reading | Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend  After a short pullback, it rocketed another 900 percent. In the final move up, XRP gained another 1000 percent, taking the asset to its all-time high at over $3.50. The asset became the poster child for crypto investing success alongside Bitcoin and Ethereum in late 2017. It even made an appearance in a segment on CNBC, educating investors on how to buy the then hyped altcoin. That as the signal the top was in. Could this latest rally be the signal that Ripple has bottomed? Featured image from Pixabay

0 Like(s)

You should also read...

Altcoins 27/04/20 22:00 by Tony Spilotro
Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend
XRP is yet another cryptocurrency that has been relatively stagnant. But just like another altcoin that is very closely related to the number three ranked crypto asset that recently saw a strong surge...
Read More
Altcoins 04/05/20 19:30 by Tony Spilotro
Despite XRP Surge, Weekly Close Could Have Deadly Implications
XRP may have rallied over 100% from its recent local bottom following Black Thursday and 20% within the last ten days alone, but last night’s weekly close could have deadly implications for the ...
Read More
Altcoins 29/07/20 22:00 by Tony Spilotro
Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021
XRP is a polarizing cryptocurrency asset, perhaps the most across the industry. It has some of the most die-hard believers, while others despise its very existence in the top ten assets by market cap....
Read More
Altcoins 09/08/20 23:00 by Tony Spilotro
XRP Fractal Evokes Flashback of Crypto Bubble Bitcoin Outperformance
XRP over the last month had some of the strongest week over week performance in the space. The third-ranked altcoin rallied by as much as 45% in one week, outperforming the rest of the entire crypto m...
Read More
Altcoins 03/09/20 21:30 by Tony Spilotro
XRP Plunges 20% From Highs: Here’s Why More Downside Is Expected
Along with Bitcoin, Ethereum, and the rest of the crypto market, XRP has taken a significant hit during the last 48 hours of carnage. Ripple has since plunged by over 20% from its recent peak, but a b...
Read More