Crypto traders woke up today to green pastures thanks to Bitcoin's excellent performance, which broke the resistance of $12,000 per coin and dragged the rest of the market with it.
And though there’s been considerable buzz around DeFi and Ethereum lately, it looks like this could be XRP’s week to shine. Following a jump of nearly 8% over the last 24 hours, Ripple’s XRP is now trading right around $0.32 per coin.
That’s close to its yearly high for 2020. XRP reached a price of $0.336 in February, prior to the market crash in March.
XRP technicals
After a significant drop last Tuesday which sunk XRP to $0.26, Ripple's token has managed to recover, showing a relatively rapid day-to-day growth, to the delight of swing traders.
Based on the token's performance throughout the year, XRP has now broken the last remaining resistance level before testing its yearly high.
If tomorrow's candle doesn't correct to a lower mark, XRP hodlers may soon have good reason to be wringing their hands in anticipation. Based on the coin’s relative strength index (RSI), however, XRP is currently overbought. But the “Bitcoin effect” may be enough to bring some optimism to the XRP Army.
XRP fundamentals and market sentiment
Besides Bitcoin, Ripple (the company) has been making some waves of its own. And though there is often a difference between what Ripple does and how XRP behaves, some see a direct relationship between the two.
The Financial Times reported last week that Ripple was pivoting its business, aiming now to become the so-called “Amazon of payments,” which sparked a fair amount of controversy within the crypto community.
While the US dollar won’t give up its position as the world’s reserve currency any time soon, it’s definitely getting weaker compared to alternatives such as Bitcoin, wrote Brad Garlinghouse, the CEO of Ripple (XRP), on Twitter today.
“A year ago, many decried crypto as a scam, and now a majority of govts are looking seriously at blockchain. It addresses frictions (i.e. settlement, transparency, etc) that were assumed VERY hard to solve before. Crypto is up 80% while USD is down 3% YTD,” Garling...
Ripple CEO Brad Garlinghouse's optimism had two interpretations, one of which was that Ripple was looking to reinvent itself in the face of a lack of positive results. Low adoption of its technology combined with the falling price of XRP could be influencing a shift in strategy and a search for new use cases.
Following the backlash, however, Garlinghouse pleaded his case: Ripple, he said, was not changing its philosophy. The CEO shared some data over Twitter which indicated growth for the firm, and success in providing blockchain solutions for the traditional payments world.
1/ My fav skeptics are active today! (@FT@nathanielpopper) Ripple has absolutely no plans to ‘reset’ our strategy. Using XRP to solve a real-world, $10T problem, like cross-border payments, is working (1/4) https://t.co/Gkf70dq7G6
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The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
