The price of Ripple(XRP) has increased by 4% in the last day to trade at $0.5696 at 2:00 a.m. EST on February 16.
The global payments token has increased 10% in value over the past week as investors anticipate that the current surge in Bitcoin’s price will lead to more enthusiasm for other cryptocurrencies, such as XRP. Bitcoin created a daily candlestick near $52,000 on February 15, which has historically served as strong resistance. The start of a long-term uptrend was indicated when the price of XRP simultaneously beached the resistance offered by all of the key moving averages at the same time frame.
On the daily chart of XRP, the price action has created the rounded bottom chart pattern that is displayed below. This extremely bullish chart pattern indicates that the upswing will continue.
As of this writing, the neckline of the chart, around $0.5767, was acting as resistance for the price of XRP. The following line of resistance, which arises from $0.62, would indicate a positive breakout from this chart formation if the daily candlestick closure closes above this level.
If XRP were to break through this barrier, it would be well on its way to the technical target of the current chart pattern, which is $0.6535. A move like that would mean a price increase of 14.75% above the present value.
Ripple (XRP) Market Cap Hits $1B Gain in Rapid 24-Hour Period
In just one day, Ripple (XRP) has seen a $1 billion increase in market capitalization. In fact, the asset is rising in tandem with a general upswing in the value of several different cryptocurrencies. Consequently, according to CoinMarketCap, XRP has now hit $0.55 today and has increased by about 3% over the past day.
Furthermore, the asset’s main intriguing aspect as a whole is the rise in market capitalization statistics. In particular, in a single day, XRP surged from $28.66 billion to an astounding $29.66 billion. It increased the amount by $1.18 billion, or 4.12%, over that period of time.
This week, Ripple made news when it revealed that it had closed a substantial deal to acquire Standard Custody and Trust Co., located in New York. As a result, the change puts the company in a stronger position to compete in the US. Additionally, it expands its already extensive list of national licenses.