The cryptocurrency market had a sobering end to 2019, with prices falling rapidly and many questioning the prowess of digital assets. This sentiment seems to have changed at the start of the new year as prices have slowly but steadily pumped since January 1.
XRP, the third-largest cryptocurrency on the charts has been trying to surpass and reclaim the second position from Ethereum for quite some time now. The third week of January seems to have given it that exact boost as its price jumped by more than 8 percent over the previous 7 days. This rate of growth was only second to Bitcoin Cash’s 14 percent in the top 5 cryptocurrency club.
The daily chart showed that XRP’s value was on the rise, settling near $0.21. The immediate support for the cryptocurrency was 0.018 which formed in the middle of December 2019. Although the major XRP trend line was pointing downwards, other indicators signaled green.
The Parabolic SAR markers were below the price candles which meant that XRP was heading into bullish territory. This is the first time since December that the markers have consistently stayed below.
The Relative Strength Index for XRP was near the overbought zone after climbing from the bottom of the graph. The upper hold was an indication that the buying pressure was much more than the selling pressure in the cryptocurrency market.
The Chaikin Money Flow indicator had risen in tandem with the RSI. The CMF was above the zero line after a positive change in the investor market sentiment. XRP’s graph going up was an indication that the capital coming into the market was much more than the capital leaving the market.
The world’s largest cryptocurrency is the entity that started the price climb at the start of this year. This rapid growth allowed the cryptocurrency to move from its hold near the $6k region to currently sell for $8048.67. The total BTC market cap was $146.104 billion, still leaps and bounds ahead of XRP’s $9.0543 billion and Ethereum’s $15.456 billion. Bitcoin also held a 24-hour market volume of $27.12 billion.
The Vitalik Buterin co-founded cryptocurrency was trying its level best to contribute to the much-hyped ‘altcoin surge’. At press time, ETH as trading for $141.52 billion with a daily market volume of $8.55 billion. Over the past month, Ethereum saw its value jump significantly, allowing it to escape the bear’s traps. In the space of 25 days, ETH grew by $22.2.
The fourth-ranked Bitcoin Cash was the single biggest weekly gainer among the big 5. BCH’s value grew by a whopping 12.56 percent in the last seven days, making it the only cryptocurrency at the top to increase by double digits. At the time of writing, Bitcoin Cash was valued much higher than XRP at $266.75. The only scare that the BCH community had was that Tether’s market cap was slowly catching up to BCH’s. Bitcoin Cash had a market cap of $4.86 billion while Tether’s amounted to billion.
The market’s slow recovering is seen as its stance to stabilize earlier losses. Experts and analysts believe that sustained growth such as this will benefit the industry in the long run.