XRP, the third-largest cryptocurrency by market cap, has hit $0.25, breaking through a major barrier of psychological resistance. But with Ripple’s founders dumping so much XRP into the markets, how long can the bull run last?
XRP’s rise accompanies the bullish passions that have ripped through the crypto market this month. ETH hit $344 today, its highest price since June 2019, and Bitcoin broke through to $11,000, its highest price since August 2019.
It took XRP traders a while to embrace the bullish sentiment, but the time spent waiting has bubbled up into momentum so strong that XRP hasn’t been this high since...late February 2020.
Though not smashing records broken by its rivals, $0.25 is significant for XRP. That price point is the barrier for the traders and speculators who form the XRP Army, the militant XRP fan club.
And the XRP market is a little different to other crypto markets. The San Francisco startup that’s responsible for its creation constantly dumps tokens into the market, causing an over-supply that pushes down the price of the token.
So, how long will XRP be able to maintain this rally? It’s crypto! Who knows? If the bullish sentiment is sustained, the next point of resistance would be $0.28, and then to $0.3—and then to the moon!
But consider this: Bitcoin is still driving the crypto market cap, and that’s still rising. The crypto-mystics may read good fortunes for XRP in their tea leaves. That is, at least, until Ripple’s founders sell a new batch of XRP.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.