XRP Attempts to Bounce Back while Bitcoin Sets New ATH Record

UTC by John K. Kumi · 3 min read
XRP Attempts to Bounce Back while Bitcoin Sets New ATH Record
Photo: Shutterstock

According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT.

Bitcoin has finally broken a key resistance point, overtaken its previous all-time high of near $20,000 to settle in the $22,549 price point. This is probably the best news of the year for Bitcoin investors as the recent pullback after testing the $19,000 price zone was thought to be another long-lasting crash. Interestingly, most of the altcoins have not responded well with the current price of Bitcoin except the likes of Ethereum enjoying the ride to a current price of $648. XLM has shown signs of regaining its loss as it has currently moved to a trading price of $0.18 (+15%). Most importantly, while Bitcoin is rising, XRP which recently fell so high after recording its yearly high has also made a 25% gain.

The journey of Bitcoin after the much-anticipated halving event that happened in May this year has been an interesting one. Bitcoin recovering from the below $4000 price zone in 2019 firmly reveals the true behavior of the asset especially since this price wave Is very common in its history. On December 11, 2020, the price of Bitcoin was just around $17,638.

The price after forming a bullish formation surged back to trade in the $19,000 price zone, hovered around that point in the larger part of yesterday, broke its record price, and proceeded to the $22,549 point. Today BTC has also managed to top $23,000.

XRP on the other hand broke a key resistance point of $0.52 to record a market price of $0.56 before falling to a current price of $0.55. Interestingly, this may be an important step to revisit the $0.6 price zone. If all other things become equal, XRP may charge into the $0.7 price zone as it benefits from the spread over effect from Bitcoin. However, all are not roses for XRP. The price can still go as low as $0.3 because its RSI and MACD are still not up, hinting at the presence of bears in the market.

According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT. XRP has reached a critical stage for recovery, and the good news is that investors’ commitment is becoming encouraging.

Future Expectation of the Price of Bitcoin and XRP

The price of Bitcoin was predicted by Robert Kiyosaki, the author of Rich Dad Poor Dad, and an Investor to reach $50,000 by the end of 2021. The predictions for the price of Bitcoin lies on the potential of the market because its market cap is less than 4% of that of gold.

Also, institutional interest has become encouraging with the demand expected to be even higher in the coming years. Coupled with the halving event that has slashed miners’ reward by half, the high demand for Bitcoin in relation to the few producers who can manage the slashed reward per the cost of mining will cause the price to even rise higher. The performance of Bitcoin may drag XRP along.

Altcoin News, Bitcoin News, Cryptocurrency news, News, XRP
John K. Kumi
Author John K. Kumi

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.

Related Articles