Whether Bitcoin (BTC), Ethereum (ETH) or Ripple (XRP): The crypto market is rushing from record high to record high. Yesterday, Thursday, the BTC price cracked the $ 22,000 mark, increasing by around 20% in one day. At the same time, Bitcoin Bank attacked the USD 0.60 mark with a price growth of over 25%. Can the XRP price continue to rise and how does it look for Ripple?
Ripple (XRP) is one of the 24h winners
Anyone who has been investing in crypto currencies for a long time will have been pleased when looking at the courses in the past few days.
The following screenshot from Coinmarketcap shows a record high. Bitcoin has never been above the $ 23,000 mark. But XRP was also able to make up some room for improvement in the last 24 hours.
After the price slump that came about as a result of the Spark Token Airdrop, Ripple is one of the top winners of the past 24 hours.
The XRP price bounced off the support line of 0.45 US dollars and rushed towards the 0.60 USD.
In particular, the line’s hold at $ 0.45 was (and is) important to XRP’s near-term outlook.
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Another upward breakout possible?
In particular, those holding Ripple (XRP) are wondering if another outbreak is possible.
For this we look at the opinion of the crypto analyst MagicPoopCannon.
This expects a strong performance from XRP provided that the overall market maintains its momentum.
We can quote his opinion on Twitter as follows:
XRP is the only top 10 cryptocurrency with a negative performance in the last 7 days.
While this sounds negative at first, we saw a very healthy retrace to $ 0.558 after the strong rally to $ 0.90.
Ripple could continue to explode if the overall market continues to rise.
Now one must first of all note that the statement has a very strong “if-condition”.
MagicPoopCannon said explicitly that the prerequisite for a rising market must be given.
An increase in an asset with an increase in the overall market should be „natural“. In other words: Anyone who buys a cryptocurrency or other asset that does not rise when the overall market rises has probably made a bad choice.
Rather, the decisive question is whether a single currency like Ripple (XRP) can outperform the overall market. If this is the case, the investor has again made a good choice, because he managed to outperform the market, which is considered the benchmark.
It is therefore likely that investors can expect a further rise in Ripple’s price if the workhorse Bitcoin maintains its momentum.