It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was said to have increased by 5% in the last 24 hours. This happened when other major cryptocurrencies also experienced a slight price increase.
Some major coins that also had the same positive change with XRP are Bitcoin, which had a 2.41% increase in price. Ethereum went a bit slower with 1.62%, while others like Binance and Cardano experienced a 0.72% and 1.62% increase, respectively. It was also gathered that this is not the first time XRP is reporting a positive trend this year; it has actually had a parallel increase throughout the month.
Unfortunately, experts familiar with this latest XRP trend have warned of an impending price fall due to massive profit-taking activities. Experts have tagged this development as a “horizontal resistance level.” This phrase explains a time in cryptocurrency trading when traders rushed to withdraw their earnings because of a certain profitable price level. They further explained that at a time like this, traders often rush in to sell at a specific price tag.
A Great Week for XRP And Cryptocurrencies
The recent development in the banking industry, especially those banks with cryptocurrency services, have actually charged up many cryptocurrencies this month, thereby changing their price activities. Although some were reported to have favored some investors, to others, it ended on a sad note. That notwithstanding, some of the coins have had the most (but much good) performance; one such example is the BTC.
Investigating the performance of coins like the BTC shows that it has maintained stable movement at its lowest point. On the other hand, it was said that this scenario significantly shifted how the public perceives the nascent asset category. Meanwhile, like the XRP, the transaction volume of Cardano has also been reported to have exceeded the $30 billion milestone.
This is happening as the rest of the world gradually gets over the failure of the world’s biggest cryptocurrency banks: Signature Bank and Silicone Valley Bank. While XRP investors celebrate the new development in price, BTC and ETH also hit double digits. It was also said that price speculators, on the other hand, said the increase in the price of XRP was due to the speculations surrounding the effort by the United States Reserve to stop the price hike.
Meanwhile, the BTC has increased by over 35% since the 10th of March, the day the Silicon Valley Bank collapsed. This development with the BTC was said to have outperformed other major digital assets, including the XRP, even at the height of the whole situation.
It is advised that the moment the XRP market capitalization gets to the targeted $20 billion benchmark, traders and investors should watch closely to see if any of the coins can retain its upward trend or overrun its “horizontal resistance” category.
XRP Prediction: Experts Predict $10 In The Future
Before the latest surge in the price of XRP, it was recorded that it had done a 30-day average movement and had remained below its original price for 200 days. It has been predicted to maintain an upward movement after these 200 days. This, in essence, means that even with XRP’s amazing performance, there is likely to be a bad day ahead of them.
And note that as of this morning, XRP touched $0.4 resistance height, and there have been expert predictions that it may go all the way to $10 in a few months. This move, experts believe, is significant; it will help it retain its $20 billion market capitalization benchmark. And while it tries to maintain its $20 billion threshold, it is predicted that it is likely to it may still go beyond the current mark.