XRP breaks above $0.40 as part of new crypto rally

XRP breaks above $0.40 as part of new crypto rally

XRP had a positive start to yesterday’s session, benefiting from a sharp uptick that sent its price above the $0.40 mark in late Sunday trading. XRP spent several hours hovering around the $0.41 level before spiking to a 11-day high of $0.440. Unable to sustain trading at those levels XRP pulled back in subsequent trading, but remained well above the $0.40 mark. The coin closed the session at $0.434, up from its opening level of $0.408.

While XRP’s performance has been somewhat lacklustre today, the coin has managed to retain a large portion of it gains. At the time of writing, the coin was hovering around $0.25 mark, according to data from digital currency tracker Coinmarketcap.

In a May 27 technical analysis, industry website Coindesk noted that XRP on track of scoring its biggest monthly gain since September 2018. XRP has gained over 37% since May 1.

The coin’s rally is part of a larger crypto trend that has seen many digital currencies rising sharply in May. The most recent push, which allowed XRP to retake the $0.40 mark, also propelled Bitcoin (BTC), Ether (ETH) and other major coins to fresh 2019 highs.

The Bitcoin advance was especially interesting, given that the coin was able to break through a major resistance area around $8,300.

“The question is, who drove the breakout,” Mati Greenspan, senior market analyst at eToro, said, as quoted by Forbes. “Well, whoever it was, the surge definitely occurred with high volume. Trading activity had been waning over the course of last week and it seems it’s back up at the moment. Not quite where it was during the all-time high levels of mid-May but still very much elevated compared to normal levels.”

In today’s trading, the XRP price stood at $0.426, as of 16:20 BST. The digital coin has gained 1.3% in the past 24 hours. The coin’s total market cap currently stands at nearly $18 billion.

Featured image: Stanslavs / Shutterstock.com

 

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