The crypto-ecosystem regained its momentum following Bitcoin’s [BTC] stellar performance in bringing the market back form the dead. After weeks of sideways movement, XRP has finally come to the bull party, recording a growth of almost 6% over an hour.
XRP’s first gains in this cycle were registered on 10 May, when it traded at $0.29 after BTC breached the $7000 mark. BTC’s market confidence later helped the 3rd largest crypto to take its value up to $0.32, an increase of 10.34% in 3 days.
Coming as a surprise to XRP investors and the entire cryptoverse, the altcoin further recorded a surge of almost 6% within an hour, increasing the coin’s market cap from $13.6 billion to $16.1 billion, at press time.
While some industry experts believe XRP’s comeback to be an immediate effect of a BTC friendly market, others speculate it to be an effect of Bakkt’s announcement to launch Bitcoin [BTC] futures.
Along with XRP, numerous other altcoins such as Ethereum [ETH] and Stellar Lumens [XLM], also rode the bullish wave as several coins maintained a steady trajectory towards value recovery. With BTC briefly breaching the $8000 mark, before falling again, crypto-enthusiasts are expecting many more price surges in the near future.
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XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross
On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.
Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.
The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.
Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.
On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.
Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.
XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.
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