XRP has been far weaker than the rest of the major cryptocurrencies even after numerous overall market pumps. The digital asset is still down a lot since its all-time high, for instance, Bitcoin is only down 45% since its peak while XRP is down 92.7% even after the recent upsurge.
In the past week, XRP has been able to demolish several important resistance levels and has now finally climbed above the $0.3 level. Unfortunately, XRP is still far away from its peak at $0.346 in early 2020.
Ethereum and Bitcoin have both established new 2020 highs while XRP remains behind, however, there is some good news for XRP. For example, the digital asset is strengthening its 3rd spot by market capitalization despite Tether (USDT) printing $300 million. For a while, Tether had a higher market capitalization than XRP as the company behind the stablecoin was printing a lot of coins regularly and XRP was trading sideways.
XRP is currently at a $13 billion market cap, far below the $43 billion of Ethereum and the massive $206 billion of Bitcoin. In terms of market dominance, XRP is still aching. In October 2019, XRP hit a high of 5.72% dominance over the rest of coins, however, two weeks ago that number dropped to 3%, a significant decline.
XRP/USD daily chart
The latest breakout is also accompanied by an increase in trading volume which indicates there is good bullish momentum for XRP. The RSI is overbought at 80 points but the FOMO and overall bullish sentiment will most likely continue pushing XRP to new highs.
The next resistance level is located at $0.35 which was last established on the 15th of February followed by $0.40 and finally $0.5. For support, bulls can use the daily 12-EMA and the 26-EMA. Additionally, $0.30 should serve as the most critical support point to defend for bulls.
