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Ripple Surges Over 20% | Months of Underperformance Over?

The past few weeks have been disheartening for Ripple (XRP) investors who have been watching as  Bitcoin and other cryptocurrencies continue to surge as XRP continues to experience a spell of sideways trading at $0.30.

Ripple Breaches $0.40 Mark

It seems the disappointed may be over as Ripple has finally managed to break out of the lower trading range by surging over 20% to above $0.40 mark. XRP is currently trading at $0.42, up 30% over the past 24 hours. Ripple has a market capitalization of $4.90 billion.

Before surging today, Ripple has underperformed for quite some time on the crypto market as it remained rooted in an indelible trading range of $0.30 to $0.34 that seemed hard to break away from despite the tailwinds caused by the upward surge of Bitcoin that has dragged other crypto to decent gains.

Despite its lackluster performance over the past few months, yesterday XRP underwent an incredible surge of buying pressure which pushed its price to near year-to-date high in the $0.40 region where it established some resistance level.

Currently, Ripple is proving a  promising altcoin as most altcoins are drifting lower and lower in their price range. Bitcoin seems to be establishing a resistance level of $8,000 gaining more and more distance. Some altcoins have dropped substantially; Litecoin is down 0.8%, and Bitcoin Cash is down 0.70%. Ethereum is up about 6%.

Bullish News Fuelled XRP’s Surge

The recent upward movement of Ripple has been fuelled by an influx of bullish news surrounding the cryptocurrency. One such news story that preceded the surge was the Coinbase announcement that indicated that New York traders could now buy XRP on the Coinbase Exchange platform. Many investors saw this as a bullish sign while some even believed this was a sign of an impending institutional adoption of cryptocurrencies.

It is, however, unclear whether Ripple will manage to maintain the solid foothold in the $0.40 region or the surge will be fleeting and it will back to the $0.30 region.

Featured Image: Depositphotos/  akulamatiau

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Ethereum

Ethereum to Maintain Uptrend | Analysts Predict $300

Following Bitcoin’s rally in recent weeks, there has been a tremendous upward momentum for major cryptocurrencies such as Ethereum that have gained significantly from their yearly lows to the current prices.

Ethereum Headed to $300

Analysts indicate that Ethereum is likely to maintain the current momentum and thus extending its rally towards $300 mark in the near term.

Currently, Ethereum is up about 2% from its $245 daily low and it trading at $251. When considering Ethereum’s price action over time the digital currency has significantly gained from its lows in 2018 of just below $90 and further up the 90-day lows of about $130.  The recent momentum of Ethereum is a result of Bitcoin’s recent rally that saw the price of Bitcoin surge to almost $8400 from lows of around $3000.

The upward surge of Ethereum has allowed it to establish some kind of bullish technical formations which will enable it to surge even higher in the future. The most remarkable formation being sought-after is “golden cross” which will lead to Ethereum surging even further.

In a tweet, Etherdamus confirmed to his over 10,000 followers that Ethereum’s golden cross had been confirmed and in the near future it is expected to show some bullish signs.

Analysts believe Ethereum will maintain upward momentum

Ethereum is thus destined for great highs following this momentum and one analyst holds that there is a potential of the cryptocurrency testing $270 and a break above this mark likely to lead to significant new highs.

Another popular analyst on Twitter, The Cryptomist set a price target of around $269 in the near term from the current support region of $249.

The upward movement of Ethereum and other Altcoins in the near term depends on whether BTC will continue rallying to new highs or it finds resistance and consolidates at its present price levels. A pullback is likely to effects the current market momentum of cryptocurrencies.

Analysts and traders will soon understand where Bitcoin and crypto markets are headed next.

Featured Image: Depositphotos/ akulamatiau

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