XRP price surpassed $ 1 on April 6 for the first time since March 2018, and the cryptocurrency’s market cap reached $ 47 billion.
Moreover, the fourth largest cryptocurrency Bitcoin (BTC) also experienced a major break in its parity and saw significant technical momentum.
Mostly a technical rally
When XRP was trading around $ 0.75, investors said the market structure of XRP was showing positive signals.
Crypto derivatives investor Cantering Clark said XRP has all the technical elements needed to start the rally. XRP has risen from $ 0.75 to over $ 1 since then.
Clark, 6 Nisan’da stated that:
“XRP has all the technical elements needed to rise. Exchanges remove the cryptocurrency from listing and the crypto community’s reactions have outstripped the market. XRP could go much higher.”
Another prominent investor “Kaleo” said it was a particularly positive sign that XRP had a breakout against Bitcoin.
Kaleo said that XRP, which has passed $ 1, is breaking the 3-year downtrend against Bitcoin. argued that he was on the verge of:
“$ XRP / $ BTC is about to break the 3-year downtrend. Not investing seems like irresponsible behavior. When this coin starts to rise, it shows vertical movements (ie bursting out of nowhere). It’s still too early.”
Social media volume is increasing
Another factor driving XRP’s rise is the increasing social media volume.
According to analysts of data analysis platform Santiment, the social volume of XRP is increasing along with some other cryptocurrencies.
If XRP maintains its technical structure and social media volume is consistently high, the coin could move towards the next levels of resistance.
XRP’s next resistance level is located at $ 1.20. At $ 2, there is a macro sell wall from December 2017.