Crypto traders woke up today to green pastures thanks to Bitcoin's excellent performance, which broke the resistance of $12,000 per coin and dragged the rest of the market with it.
And though there’s been considerable buzz around DeFi and Ethereum lately, it looks like this could be XRP’s week to shine. Following a jump of nearly 8% over the last 24 hours, Ripple’s XRP is now trading right around $0.32 per coin.
That’s close to its yearly high for 2020. XRP reached a price of $0.336 in February, prior to the market crash in March.
XRP technicals
After a significant drop last Tuesday which sunk XRP to $0.26, Ripple's token has managed to recover, showing a relatively rapid day-to-day growth, to the delight of swing traders.
Based on the token's performance throughout the year, XRP has now broken the last remaining resistance level before testing its yearly high.
If tomorrow's candle doesn't correct to a lower mark, XRP hodlers may soon have good reason to be wringing their hands in anticipation. Based on the coin’s relative strength index (RSI), however, XRP is currently overbought. But the “Bitcoin effect” may be enough to bring some optimism to the XRP Army.
XRP fundamentals and market sentiment
Besides Bitcoin, Ripple (the company) has been making some waves of its own. And though there is often a difference between what Ripple does and how XRP behaves, some see a direct relationship between the two.
The Financial Times reported last week that Ripple was pivoting its business, aiming now to become the so-called “Amazon of payments,” which sparked a fair amount of controversy within the crypto community.
While the US dollar won’t give up its position as the world’s reserve currency any time soon, it’s definitely getting weaker compared to alternatives such as Bitcoin, wrote Brad Garlinghouse, the CEO of Ripple (XRP), on Twitter today.
“A year ago, many decried crypto as a scam, and now a majority of govts are looking seriously at blockchain. It addresses frictions (i.e. settlement, transparency, etc) that were assumed VERY hard to solve before. Crypto is up 80% while USD is down 3% YTD,” Garling...
Ripple CEO Brad Garlinghouse's optimism had two interpretations, one of which was that Ripple was looking to reinvent itself in the face of a lack of positive results. Low adoption of its technology combined with the falling price of XRP could be influencing a shift in strategy and a search for new use cases.
Following the backlash, however, Garlinghouse pleaded his case: Ripple, he said, was not changing its philosophy. The CEO shared some data over Twitter which indicated growth for the firm, and success in providing blockchain solutions for the traditional payments world.
1/ My fav skeptics are active today! (@FT@nathanielpopper) Ripple has absolutely no plans to ‘reset’ our strategy. Using XRP to solve a real-world, $10T problem, like cross-border payments, is working (1/4) https://t.co/Gkf70dq7G6
The rise of prediction markets has given crypto participants a wide array of opportunities to test their knowledge of markets, politics, pop culture, and more.
By using a prediction market like Myriad, users can follow or wager on a real-time, community-sourced indicator of an event’s likelihood, potentially cashing in on their knowledge in the process.
What’s popping on Myriad this week? Here’s a look at some of the most interesting, active, and newsworthy markets right now, including current...
Bitcoin snapped a five-day winning streak on Thursday, with modest losses of 1.3% over 24 hours as the crypto market’s recent rally cooled off.
The world's biggest digital asset had accelerated to highs of $94,500 at one point, but briefly slipped below $92,000 in the early hours of Thursday morning. At time of publication, Bitcoin's price sits at $92,349, down 1.2% on the day, according to CoinGecko.
BTC got off lightly compared with leading altcoins, with both XRP and Dogecoin slipping by 5.5%...
Publicly listed Bitcoin miner Riot Platforms has secured a credit facility of up to $100 million from Coinbase Credit, the lending arm of the U.S.-based crypto exchange giant.
The Bitcoin-backed facility is secured by a portion of Riot Platforms’ Bitcoin holdings and will be used to "pursue key strategic initiatives.”
“Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing,” Riot CEO Jason Les said in a statement....
