HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

XRP Surges 30% Higher—and Analysts Think There’s Upside to Come

Altcoins 2020/11/22 01:45 by Nick Chong

XRP has surged dramatically higher in the past day. The coin is up 30% against the U.S. dollar in the past 24 hours, making it the top-performing crypto asset in the top 100 by market capitalization. That’s no joke, XRP, a coin that has almost continually been bleeding out since the 2018 highs, has gained 30% in a single day.

As of this article’s writing, the coin is trading at $0.45, its highest price in many months. Analysts think the cryptocurrency could move even higher in the days ahead as technical trends align in the coin’s favor.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

XRP Has Room to Move Higher

Analysts think the cryptocurrency could move even higher in the hours and days ahead.

Joe McCann, an engineer at Microsoft and a prominent crypto-asset analyst, recently shared to his Telegram channel that XRP just confirmed a bullish MACD crossover. The MACD, or Moving Average Convergence Divergence, is a popular technical indicator that attempts to show an asset’s trend.

He thinks this is a sign the coin could move even higher in the new future. He notably did not explain on which time frame did the MACD cross positively for.

Analysts think that XRP could move even higher as it breaks out of macro downtrends, which had compressed the cryptocurrency’s price action over a number of years.

How high XRP will rally in the near term remains to be seen. Though, many are confident that a followthrough will take place as the cryptocurrency moves up 40% in a single trading session.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi and Bitcoin to Eventually Benefit?

Analysts think that DeFi and potentially Bitcoin will eventually benefit from the rallies in older cryptocurrencies that may not have the users that DeFi has.

Eric Conner, referencing XRP, Bitcoin Cash, amongst other older cryptocurrencies, recently commented on the discrepancy between DeFi and these “ghost chains”:

“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”

When this transition from older cryptocurrencies to DeFi “blue chips” will happen remains to be seen.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Surges 30% Higher—and Analysts Think There's Upside to Come

0 Like(s)



You should also read...

Altcoins 30/11/19 22:30 by Cole Petersen
Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted
Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows...
Read More
Crypto 22/06/20 20:30 by Tony Spilotro
Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption
New rumors circulating the web suggest that payments processing giant PayPal and subsidiary Venmo are making a major play in crypto. What are the two powerhouses planning and how might it impact the c...
Read More
Altcoins 29/07/20 15:23 by Bernice Nyambura
At Only 1.5%, DeFi Is Full Of “ETH Killers” And Dead Projects — But Could Do Better
According to Ryan Watkins, a researcher at crypto research firm Messari, the DeFi market is still “extremely small in perspective” despite having upped its game in the last couple of months, espe...
Read More
Altcoins 14/08/20 23:00 by Cole Petersen
Why Traders Expect XRP to See an Explosive Rally Despite Stalling Uptrend
XRP has been seeing mixed price action in recent weeks. The cryptocurrency was able to post some massive gains just a couple of weeks ago, but its momentum has since stalled after it faced a firm reje...
Read More
Altcoins 16/11/20 01:20 by Nick Chong
Top Trader Expects Ethereum and DeFi Remains Bullish on a Short-Term Basis
Ethereum currently trades for $450 as of this article’s writing, stuck in a short-term range with DeFi coins as Bitcoin has entered a phase of consolidation. Analysts are optimistic about the le...
Read More