Saturday, April 10, 2021

XRP Breaks above $1 for the First Time since 2018, Returns to Top 4, Targets $1.50

XRP has been printing a magnificent price upsurge over the last couple of days. In terms of weekly performance, the embattled cryptocurrency has outperformed other top 10 digital currencies.

To the amazement of the crypto community, XRP has touched the price level it last visited during the bull cycle that started in 2017 and ended in January 2018, despite the ongoing lawsuit against Ripple.

Read Also: Ripple XRP against Tether (USDT) Perpetual Contract Trading Goes Live on OceanEx

According to CoinMarketCap, Ripple’s digital token broke above $1 resistance and went ahead to record a new yearly high of $1.10. At the time of filing this report, XRP is trading at $1.04, with a relatively 44% price uptrend based on 24 hours estimation.

If XRP could maintain the current momentum, the cryptocurrency could in no time hit $1.50. This is such a moment the XRP community has been waiting for.

XRP Reclaims Top 4 after Displacing Polkadot (DOT), Tether (USDT), and Cardano (ADA)

The value of XRP embarked on a significant downtrend following the lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) on 22nd December 2020.

Read Also: Court Grants XRP Investors Permission to File Motion to Intervene In Ripple-SEC Lawsuit

Due to this notable loss of value, XRP lost its place at the top 4. It was replaced by the likes of Tether (USDT), Cardano (ADA), and Polkadot (DOT). But the recent performance has sent the cryptocurrency back to its usual position in the market.

XRP Breaks above $1 for the First Time since 2018, Returns to Top 4, Targets $1.50
Courtesy of CoinMarketCap

What Expert Traders Say About XRP Price Trend

A number of crypto traders were of the opinion that the market structure of XRP is bullish when it was still trading around $0.75.

A crypto derivatives trader, Cantering Clark, said in a tweet on 5th April 2021 that XRP has all the technical components to continue its bullish display.

Read Also: Stern XRP Investor Regrets Failure to Diversify Portfolio, Says He Would’ve Become a Millionaire

Cantering Clark tweeted, “Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher.”

Another crypto trader is popularly known as Kaleo also averred that there would be an XRP breakout against Bitcoin (BTC). After the breakout, the trader stated further that the digital currency is on the verge of breaking out of a 3-year downtrend against Bitcoin, which has also recently played out.

Read Also: New SEC Chair’s Withdrawal of Suit Would Be a Huge Win for XRP Holders –Former US Congressional Candidate

Kaleo tweeted, “$XRP / $BTC is about to break out of a 3+ year downtrend. Zero exposure here seems irresponsible. When this sh*tcoin starts to pump, it makes vertical moves (aka all at once for a burst). Still very early.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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