The Bitcoin market’s bullish attitude saw most altcoins surging on Monday morning. Ripple’s XRP extends its 6.20% gains on Sunday with a 5% increase early today. When writing this report, XRP/USD trades at about $0.87.
After XRP struggled over the last few looks, the coin seems to have a fresh breath as the crypto market gains value as well. Tesla executive shakes the market again with his tweet that seems to support BTC. Keep in mind that Elon Musk received a warning on his impact on the crypto market from the Anonymous hackers some weeks ago. On Sunday, Elon posted that his firm sold about 10% of its Bitcoin holdings, but plans to resume crypto activities as long as Bitcoin confirms that 50% of the energy used in mining is from green energy sources.
Also, XRP seems to receive support from the recent Ripple proposal to upgrade the platform to implement smart contracts and DeFi capabilities. The proposal by David Schwartz, Ripples CTO, attracted crypto community interest. The CTO published the proposals on Ripple’s official website.
XRP’s whales have dominated the market, trying to take advantage of the current price changes triggered by the increased volatility. The Whale Alert noted a whale that transferred XRP coins worth 176 million from a crypto wallet on June 12 – Sunday. The coins value about $146 million.
Watch These Levels
At the moment, the XRP market has a bullish sentiment. SMA and the MACD indicated bull’s dominance in the Hour-4 chart for the XRP/USD. While publishing this, XRP trades beneath the vital area at $0.88.
If buyers can take the altcoin above this point, the chances for a further uptrend will magnify. The next resistance will lie at $0.97, before the vital $1 support area. After crossing that level, XRP will have the next resistance area at $1.07.
Do you think that XRP will achieve its goal, going past the $1 level? Keep in mind that most top coins surged over the last 24 hours, following BTC’s uptick. We welcome your opinions in the comment section below.
Forex Trading can be risky, to cut the risk. Sign up to FX Delta for consistent results. The Best Forex trading signals for an average of 8% gains. Click here to sign up.