Ripple above $3 and it's now 2018!
We were just talking about it yesterday in a news item dedicated to the strong growth of the last month, analyzing the technical situation of XRP; well, today Ripple decided to break through the wall of $3, a level it had not reached for a good 7 years.
It was January 2018 when XRP was hovering above $3 per unit, later touching the All-Time High (this was January 4, 2018).
Having reached this point, one wonders where the coin can go, boosted by a performance in the last 24 hours close to +16 percent. An impressive figure that consolidates its third position in the crypto market cap (behind Ethereum and ahead of the USDT stablecoin ).
Learn more about Ripple in our dedicated in-depth article!
Analysis update on XRP
From the point of view of technical analysis, compared to yesterday we have some news.
First of all, we broke the resistance area where we were holding yesterday. Not only that: we also shattered the psychological threshold of $3, a sign of extreme strength. Today’s daily candle shows at the time of writing a decent lower shadow to keep an eye on for the possible formation of known patterns (learn more about Japanese candlesticks here ).
Now, in an ideal scenario, XRP could pause for a moment, go test $3 again, and then successfully bounce back and continue the run to attack all-time highs. However, things almost never work out that way.
At the moment, exaltation is dominating the scene, and the hyperextension of the chart is tilting more and more. We are therefore in a scenario where we could really go in any direction: we could go up again and attack the ATH; or we could see a sudden reversal, the result of profit-taking by those who hold XRP from the old days and want to finally get back in possession of the capital. Clearly, even in the event of a collapse, it would not immediately change the status of the coin, which is having a good time for well-founded reasons and not dictated solely by FoMO.
Pay attention also to a key data point: open interest.
The open interest on XRP futures.
Also to be added to the analysis is the open interest data on XRP futures. The derivatives market on this asset is experiencing a period of unprecedented activity, a clear sign of growing interest and bullish sentiment.
Looking at the data, interest has grown by nearly 23 percent in the last 24 hours, taking into account data from the major cryptocurrency exchanges.
In short: amidst concluded lawsuits, change of the US presidency and, more generally, a pro-crypto approach in sight on American soil, Ripple and the XRP cryptocurrency are riding the wave, grinding ground and trying to establish themselves more and more as one of the backbone projects of the crypto landscape.
If your analysis suggests investing in XRP, you can choose from many exchanges such as Binance, Bybit and Coinbase.
