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September 21, 2020
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XRP finally exceeded $ 0.30 – Where do the bulls go now?

XRP performance is improving.

XRP has performed much weaker than the rest of the major cryptocurrencies, even after several general bombs on the market. The digital asset is still declining since its historic high, for example, Bitcoin has dropped just 45% since its peak, while XRP has fallen 92.7%, even after the recent increase.

Last week, the XRP managed to break through several major resistance levels and has now finally surpassed $ 0.30. Unfortunately, XRP is still far from its $ 0.34 annual peak.

Ethereum and Bitcoin set new highs in 2020, while XRP remains behind, however, there is good news for XRP. For example, the digital asset is strengthening its position as the third largest currency by market capitalization, despite Tether (USDT) printing $ 300 million. For a while, Tether had a higher market capitalization than XRP, as the company behind stablecoin regularly printed many currencies and XRP traded sideways.

XRP currently has a market cap of $ 13 billion, far below Ethereum’s $ 43 billion and Bitcoin’s massive $ 206 billion. In terms of market dominance, XRP is still suffering. In October 2019, the XRP reached a 5.72% dominance high over the rest of the currencies, however, two weeks ago that number dropped to 3%.


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XRP / USD daily chart

The latest breakout is also accompanied by an increase in trading volume, which indicates that there is a good bullish moment for the XRP. The RSI is overbought by 80 points, but FOMO and the general bullish sentiment will likely continue to push XRP to new highs.

The next resistance level is located at $ 0.35, which was last established on February 15, followed by $ 0.40 and finally $ 0.50. For support, bulls can use the daily 12-EMA and 26-EMA. In addition, $ 0.30 should serve as the most critical support point for defending bulls.

Source: zycrypto

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