The cryptocurrency market has been on an upsurge of late as prices continued to skyrocket. Bitcoin, the world’s largest cryptocurrency set the bullish path in stone after crossing the $60,000 mark. Following BTC’s climb, other altcoins such as XRP and Ethereum also witnessed significant upticks.
XRP slowly but surely hushed its naysayers when the cryptocurrency’s price climbed above the $1 mark to settle near $1.4. Ripple’s native token is expected to rise further as more developments take place on the Ripple blockchain.
At the time of writing, XRP was trading for $1.34 with a total market cap of $60.48 billion. The latest surge also boosted the cryptocurrency to the 4th rank on the charts. XRP’s 24-hour market volume hit $15.69 billion after an 86.65 percent price spike. XRP is still ways behind Binance Coin which held a market cap of $87 billion.
A technical analysis showed that XRP’s best performance in over two years could be owed to the adoption of the Ripple blockchain by several major banks and institutions. The current resistance held at $1.38 while the immediate support ventured near the $0.9 mark.
XRP’s Relative Strength Index indicator had climbed above the overbought zone. This was a sign that more people were buying XRP while placing trust in the blockchain’s power. The RSI had climbed above the threshold for the first time since December 2020. The positive RSI marker went hand in hand with other indicators which also sided with the bull.
The Chaikin Money Flow indicator shot above the zero line for the first time this year and held a steady state for more than 72 hours. According to the CMF, the capital coming into the XRP market was more than the capital leaving the market. As long as the marker keeps ticking green, XRP is bound to see better pastures soon.