The price of XRP has surpassed 1 on Tuesday for the first time since March 2018, putting its market valuation at around 47 billion. Moreover, the fourthlargest cryptocurrency in the global market has broken out against the Bitcoin BTC pair, causing it to see significant technical momentum. When XRP was hovering at around 0.75, cryptocurrency traders noted that XRPs market structure was bullish.
Cantering Clark, a cryptocurrency derivatives trader, said that XRP has all the technical components to rally. Since then, XRP has rallied from 0.75 to over 1.
On Tuesday, Clark said Not for nothing, XRP technically has taken all necessary strides to be bullish. After the exchange delistings and writeoff by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher. Another wellknown trader, recognized as Kaleo, noted that XRPs breakout against Bitcoin is particularly optimistic.
After its breakout above 1, Kaleo explained that XRP is on the verge of breaking out of a threeyear downtrend against Bitcoin.
He noted XRP BTC is about to break out of a 3 year downtrend. Zero exposure here seems irresponsible. When this shtcoin starts to pump, it makes vertical moves aka all at once for a burst. Still very early.
Another catalyst behind XRP atop the technical momentum has been its growing social volume. According to analysts at Santiment, a data analytics platform, the social volume of XRP has been growing…