Flying down! XRP has just passed the $ 0.54 mark and it looks like it won’t stop there!
Who saw you and who saw you, XRP! After more than two years of (a lot) suffering and price devaluation, it seems that XRP holders can finally celebrate, as the Ripple token has just passed the $ 0.54 mark.
Chart by: TradingView
After a fantastic month, XRP returned to levels not reached since November 2018 (on the 8th of that month, to be more specific), an increase of more than 100% in the last 20 days. In the last 24 hours alone, there have already been more than 20% gains, a really incredible performance for a currency that was quite discredited.
Chart by: TradingView
As we reported on 20 November, the XRP was signaling that it was entering a new bullish cycle, the high of which is close to $ 1, more specifically at $ 0.92. If we take into account that the XRP started the month of November trading at approximately $ 0.24, if the bullish movement continues to gain momentum, the XRP should show yields in excess of 200% starting on the 1st of November.
It is important to keep a few factors in mind about the current XRP rally. The first is that it is an expected increase, since an increase in the number of whales piling up XRP, which strengthens the asset’s rising expectations. Another important factor is that the rise in XRP, although helped by the excellent moment of Bitcoin, is not completely tied to it.
Already famous for its efforts to partner and try to expand the reach of its token, the Ripple team is trying to find new use cases for XRP and started collaborating with Flare Networks to execute Ethereum’s smart contracts in the XRP ledger . As a result, the interface allowed new possibilities to find new applications for XRP, leading Wietse Wind to create his own new function for smart contracts with “Hooks”.
That is, after breaking the old (and powerful) resistance of $ 0.30, XRP got a graphic boost to start a solid high and, in addition, the fundamental part is also helping for the moment of the asset, since Ripple does not it is saving efforts to increase the adoption and the good development of its currency.
What do the coming weeks look like for XRP? It is difficult to be sure, but it is very likely that a correction is already underway, after all, the asset is quite stretched at the moment and it is very likely that investors are preparing to realize profits very soon.
As long as it remains above $ 0.36 the XRP will remain bullish, as this region marks the downtrend line that has plagued the XRP in recent years. On the upside, the next considerable resistance is in the range of $ 0.59 – $ 0.62.