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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