Ripple is making very sharp movements following the air of bullish altcoins but XRP has registered a more volatile trend in the past some days. Since the beginning of 2020, Ripple has also shown a good performance as it surged by nearly 70% since then. The coin rally is not very strange as most of the coins are up including the digital gold- bitcoin.
When calculated the trending behavior of XRP token in the past five days, it is found that coin price is increased by almost 19%. Currently, it is showing the upsurge of only 2% but it is positive per the overall market trend of altcoins.
Price Crashed on BitMEX
Despite the bullish behavior on most of the exchanges, it is witnessed on the BitMEX that price value degraded to a significant level of $0.15 and below further. The strange thing about the happening is that price was clinging at $0.33 when BitMEX captured it at $0.15.
According to many traders, it was the fault in the operations of the crypto exchange as stop-losses did not operate well while the price was changing speedily. But the exchange claimed, it was no disturbance in the site but the price value of Ripple crashed.
Currently, Ripple is trading at $0.32 while securing the highest position and surged by nearly 70% from the start of the year. The market cap of the coin is accumulating at $14 billion- maintaining its position at 3rd rank after Bitcoin and Ethereum.
The trend line of XRP has crossed the strong resistance level at $0.30 and is continuing to go upward. However, the current level is also a hedge level- that is $0.32. If it is successful in crossing the mentioned resistance level, the next target of the token will be $0.4.
Per the many reputable analysts, it seems that the altcoin season has reached the same as when it happened in 2018. XRP price recorded the highest level of $1.85 at that time- 2018.
Other Reasons for Upsurge
However, some crypto maximalists are giving the credit of price rally to the overall bullish season. But the network development and its integration with the giant companies have also provided momentum to boost the price value upward.
Recently, it is announced that XRP is now working on BRD wallet, the most reputable crypto wallet out there. However, both companies are working together since October 2019 when Ripple invested in the company, behind BRD wallet.
Another news came up, recently, that reads that the National Bank of Egypt has joined hands with Ripple in order to facilitate remittance services, exploiting the blockchain technology of the Ripple.