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Ripple’s XRP token has gained more than 10% in just the last three days which has caused traders to turn bullish on the XRP/BTC pair.
XRP token has been one of the poorest performers in the top ten cryptocurrencies in the market. XRP has shed more than 60% of its market cap year-to-date. However, XRP price’s sudden surge over the last few days has drawn investor attention back to the third-largest cryptocurrency.
If we look at the weekly chart of CoinMarketCap, we can see that XRP has jumped by over 10% in just the last three days. At press time, XRP is trading at $0.27 with a market cap of just above $12 billion.
Traders Expressing Contrarian View on XRP/BTC pair
The latest XRP movements have led many popular traders to turn a bullish stand on the cryptocurrency. Although the XRP/BTC seems to look bearish, popular trade The Crypto Dog says that XRP can be dominant against Bitcoin.
However, The Crypto Dog is not alone. Another popular Twitter handle Galaxy predicts XRP price gains anywhere between 170% to 4300%.
Every bullish MACD crossover on the weekly chart was followed by significant price increases.
Lowest gain 170%+
Recently, MACD turned bullish once again. pic.twitter.com/Mn2BABWESG
— Galaxy (@galaxyBTC) October 4, 2019
Popular technical analyst Peter Brandt showed that XRP is bottoming against Bitcoin.
There is some chart evidence that $XRP is bottoming against $BTC $XRPBTC pic.twitter.com/TfvIbClTdP
— Peter Brandt (@PeterLBrandt) October 4, 2019
Trader Luke Martin with over 200,000 followers also expressed his bullish stand on XRP. The analyst sees XRP/BTC going above 4000 satoshis.
$XRP road to 4000 sats continues.
The comments on the first post in this thread are hilarious to read now. pic.twitter.com/1BLki6c9Qu
— Luke Martin (@VentureCoinist) October 7, 2019
So what is causing the XRP price surge all of a sudden? A series of positive news last weeks could be the probable reason behind this pullback. Last week, tech giant Samsung engaged in a partnership with one of the RippleNet members triggering the XRP north run.
Furthermore, Ripple CTO David Schwartz has also proposed the idea of having an XRP-based stablecoin. Another news is that the crypto payments platform BitPay will integrate XRP giving merchants and option to receive the XRP payments thereby improving its liquidity.
The recent price movement of XRP has made it the talk-of-the-town on Twitter. XRP is currently enjoying the most mentions on Twitter over any other cryptocurrency.
Top 10 Mentions on Twitter in the last hour – $XRP $BTC $ETH $LTC $LINK $EOS $XLM $BCH $USDT $TRX
More on https://t.co/ke7SHQm6tN 🚀 pic.twitter.com/hKb9JkUcJO
— CoinTrendz.com (@CoinTrendz) October 7, 2019
On Monday, October 7, Twitter account WhaleAlert also reported a massive flow of funds from Ripple’s funding wallet one of the wallets on Coinbase crypto exchange.
20,014,200 #XRP (5,559,994 USD) transferred from Funding Wallet 1 to #Coinbase
— Whale Alert (@whale_alert) October 7, 2019
Although the massive Whale transfers are not a new thing in the industry, it highlights major activity for the cryptocurrency.
Ripple’s Strengthening Fundamentals
XRP has continued to be a poor performer this year, but its parent company Ripple is sealing some important partnerships. This could be one of the reasons boosting investor sentiment.
Earlier this year, Ripple announced its strategic partnership with payment service provider MoneyGram. During that time, Ripple CEO Brad Garlinghouse said:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.”
Also, Ripple’s major partner Banco Santander SA is looking for aggressive expansions in the global payments market.