XRP has surpassed $1 for the first time in 37 months as major cap altcoins are starting to follow Ethereum.
The price of XRP has surpassed $1 on April 6 for the first time since March 2018, putting its market valuation at around $47 billion.
Moreover, the fourth-largest cryptocurrency in the global market has broken out against the Bitcoin (BTC) pair, causing it to see significant technical momentum.
Mostly a technical rally, not too much fundamentals
When XRP was hovering at around $0.75, cryptocurrency traders noted that XRP’s market structure was bullish.
Cantering Clark, a cryptocurrency derivatives trader, said that XRP has all the technical components to rally. Since then, XRP rallied from $0.75 to over $1.
On April 6, Clark said:
Another well-known trader, recognized as “Kaleo,” noted that XRP’s breakout against Bitcoin is particularly optimistic.
After its breakout above $1, Kaleo explained that XRP is on the verge of breaking out of a 3-year downtrend against Bitcoin. He noted:
Social volume is growing
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 rapidly in tandem with several other cryptocurrencies.
The analysts stated:
If the technical structure of XRP remains intact and the social volume remains consistently high, the momentum of XRP could potentially take the cryptocurrency to the next major resistance area.
Technically, the next resistance level is at around $1.20 with a macro sell-wall at $2, dating back to December 2017.