XRP Hits High Price Due to Ether Rally

XRP Hits High Price Due to Ether Rally

Blockchain
May 8, 2021 by Editor's Desk
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The cryptocurrency in Ripple Labs’ payments network, XRP (-0.89% ), is rallying on the heels of altcoin king ether (ETH, +10.6 per cent), hitting new peaks. XRP reached a high of $0.72 early Monday, the highest level since February 2, and was last seen trading around $0.70 The increase comes three days after the ether

The cryptocurrency in Ripple Labs’ payments network, XRP (-0.89% ), is rallying on the heels of altcoin king ether (ETH, +10.6 per cent), hitting new peaks.

XRP reached a high of $0.72 early Monday, the highest level since February 2, and was last seen trading around $0.70

The increase comes three days after the ether token on the Ethereum blockchain reached new lifetime highs near $2,100. Since then, the second-largest coin has gained a foothold above $2,000, assisting XRP and a few other alternative cryptocurrencies such as Tron (TRX, +2.8 per cent), stellar (XLM, +1.17 per cent), orchid (OXT, -1.34 per cent) are gaining ground despite the lacklustre performance of bitcoin (BTC, +1.48

With a move to two-month highs, XRP has fully reversed losses suffered in December after the SEC filed a lawsuit against Ripple for raising $1.3 billion by selling XRP in unregistered securities offerings.

On Saturday, Ripple executives’ counsel James K Filan tweeted that the payment company and the SEC had reached an agreement to keep the payment company’s two of four private email correspondences out of the pending litigation. Analysts are divided on whether this is driving XRP higher.

According to chart analysis, however, the cryptocurrency’s prospects appear to be promising, according to one analyst.

“With the head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents, XRP has developed an inverse’ head, and shoulders pattern,” Delta Exchange CEO Pankaj Balani told CoinDesk.

On a breakout above the neckline support, Balani sees XRP rallying to $1.00 and probably $1.30.

“Because the trend has developed over the last six months, the bullish change is expected to be fast and sustained,” Balani said in a WhatsApp conversation, adding that volatility is likely to remain high due to the SEC lawsuit.

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