For Ripple Christmas came late, but when it came it showered wealth upon the believers. This week too the coin gained tremendously marking 109 percent growth in the last 7-days. With a market cap over $101 billion, it even knocked Ether to be the second largest coin in terms of the market cap. As a result, the trading volume also skyrocketed recording over $3.6 billion in the last 24 hours.
Key Highlights
- XRP/USD is continuing with its bullish rally and is currently on its way to breach the previous high
- The pair registered a gain of over 109 percent over the week and more than 15 percent in the last 24 hours
Technical Analysis
The bullish rally was initiated in the early weeks and within a couple of days, the coin broke all records to reach $2.47. Then the standard pullback from the peak happened, and the coin dropped to $1.63 until it acted as a pivot and initiated a gradual bullish run again. In the midweek, XRP was traded between the band of $2 and $1.85.
Recently, the coin again is following its steep course and reached $2.31 in the daily chart. Till now the coin is not facing any prominent resistance and might gain the peak levels soon.
Because of the bullish run, the 100 SMA is way above the 200 SMA signaling the possibility of the continuation of the bullish rally.
The oscillators are also soaring and currently running in the overbuying zone. RSI at 77 percent is showing signals to come down but in case of Stoch, no such indication is there. MACD is also running bullish.
Market Update
The South Korean market has played a crucial role in the price surge of Ripple as the XRP trading on the country’s exchanges skyrocketed whereas BTC fell.
Ripplenet, the issuing firm of XRP, is also trying hard to revolutionize the financial sector with their blockchain technology. In 2017, they partnered with numerous banks all over the world to test the potential of the blockchain. Now that it’s 2018, let’s see how they are going to expand the blockchain business as it will directly effect XRP price.
