By Solomon Odunayo
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.
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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.
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.
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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.”
Not for nothing, $XRP technically has taken all necessary strides to be bullish.
After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint.
This can move much higher. pic.twitter.com/Y4sHCnFkBI
— Ryan 🐎 Cantering Clark (@CanteringClark) April 5, 2021
Another crypto trader is popularly known as Kaleo also averred that there would be an XRP breakout against Bitcoin (BTC). After the breakout, the trader stated further that the digital currency is on the verge of breaking out of a 3-year downtrend against Bitcoin, which has also recently played out.
Kaleo tweeted, “$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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