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In a massive rally, XRP has moved past all technical barriers to hits its new 2020-high above $0.70 surging more than 100% in less than a week’s time.
After trading sideways for almost the last three years, Ripple‘s XRP price is back with a massive rally. The world’s third-largest cryptocurrency has surged a whopping 53% in the last 24 hours to move past $0.70. At press time, XRP is trading at a price of $0.71 with a market cap of $32 billion.
A major part of the rally comes just in the last four days as XRP gains 137% on the weekly charts. Considering the weekly performance, XRP has outclassed all other digital currencies in the top-ten ranks. This is for the first time over the last two years since September 2018 that XRP has touched these levels.
The latest rally in XRP has a similar resemblance to the January 2018 rally and comes a week after the Bitcoin (BTC) rally cool-off. As the altcoin hits new highs, there’s no specific catalyst behind the XRP price rally. Crypto analyst Josh Olszewicz notes that profits derived from Bitcoin are going to altcoins and XRP stands to be the biggest beneficiary.
If we check the weekly stats, all top-ten altcoins have gained anywhere between 20-140%. Also, the BTC market dominance has reduced from over 66% to now just above 60%.
Ripple’s XRP Technical Breakout That Boosts Price
Josh Olszewicz noted that XRP has registered a technical breakout with its latest move. The crypto analyst had already predicted a bullish chart pattern and a price target of $0.50 when it was trading below $0.30.
Now, this phenomenal move above $0.70 shows that bulls have ultimately raged in breaking the resistance at $0.60. Well, there’s no clear indication as to how long the XRP rally will sustain.
In other news, Ripple is looking to hire a senior director who will work with central banks to introduce CDBC support on the XRP ledger. The latest job posting from Ripple shows that the new director will lead Ripple’s strategy of collaborating with central banks. Additionally, the director will also be responsible for educating central banks worldwide.
Moreover, during a recent podcast interview with The Scoop, Ripple CEO Brad Garlinghouse also suggested issuing stablecoins using the XRP Ledger. Well, Ripple has had a tough time dealing with regulators over the last few years. Moreover, it has to deal with multiple lawsuits claiming XRP as a ‘security’. In recent times, the Ripple top bosses have also hinted at moving out of the US. The company is looking to establish a base in other crypto-friendly jurisdictions like UK, Dubai, Japan, or Switzerland.