By Tobi Loba
XRP, the third-largest cryptocurrency by market capitalization, has attained the highly-anticipated price landmark of $0.3. Considering its stability when other cryptocurrencies faltered a few hours ago, the Ripple’s digital token seems ready to hold the level as a support for a subsequent uptrend.
XRP Once Lingered As Others Rallied
A few weeks ago, when some minor and major cryptocurrencies started a price rally attributed to altseason, XRP was lingering below $0.2 region. However, the past few days have been good for the cryptocurrency in terms of uninterrupted price appreciation.
Despite the overall market pumps, XRP has been far weaker year-to-date compared to the overall performance of other top digital currencies. Ripple’s digital token is still down a lot since its all-time high recorded in January 2018. Bitcoin (BTC) is only 45% down since its ATH while XRP is still relatively 97.7% down despite the present price rally that mostly favors the cryptocurrency.
XRP Breaking Several Important Resistance Levels
Over the past week, XRP has managed to prove doubters wrong and make investors smile to the bank by breaking several important resistance levels, to trade above $0.3 price region. At the time of writing, XRP is priced at $0.310724, with a 7.07% price increase based on 24 hours estimation. However, the digital currency is still chasing its 2020 high of $0.346.
One of the most pleasant news for XRP at this moment is that the crypto asset is increasingly strengthening its third-position in the market, after days of staying beneath Tether (USDT) in terms of market cap.
At press time, XRP has a total of $13,939,915,440 market capitalization, compared to Ethereum (ETH) and Bitcoin (BTC) with relatively $43 billion and $206 billion respectively. Howbeit, the market dominance of XRP is expected to increase with time, as it shows an unrelenting positive price trend. As long as XRP maintains this trend, a new yearly high may be around the corner.
The Significance of the Increase in XRP Trading Volume to the Latest Breakout
There is an indication that XRP is in the state of bullish momentum. The trading volume of the digital token has been on the increase, which probably played a big part in the recent price breakout.
The RSI is overbought at 80 points, but the overall bullish sentiment is likely to keep pushing XRP to new highs. The next resistance level stands at $0.35 which was last attained on 15th February 2020. For the bulls to defend, $0.3 should be the most critical support point.