Ripple Soars 15%, Eyes on All-Time High After Bitcoin Rally
Michele Schneider | Mar 13, 2024 01:32AM ET
According to data, XRP saw a significant 15% spike in its price over the last 24 hours.
The price gain was met with a more than 250% growth in its daily trading volume.
Could this recent rally rest solely on Bitcoin’s rally?
Some fundamentals.
Ripple is a payment settlement system and currency exchange network.
In a transaction between 2 parties, the Ripple network confirms that an exchange went through properly.
XRP is a cryptocurrency that runs on the XRP ledger. It is the currency used to finance transactions on the Ripple network.
What makes this network unique is that within seconds it can detect a mismatch on a transaction and then figure out what went wrong.
Plus, it is super-fast and with much lower costs.
The Advantages Are:
- Fast settlement
- Low fees
- Versatile exchange network (Uses XRP but also uses other fiat and cryptos)
- Large institutional adoption
Disadvantages:
- Somewhat centralized-some control from a list of validators
- Large supply of XRP that is pre-mined.
- Volatile asset
As part of an older generation, yet with a Coinbase (NASDAQ:COIN) wallet and a belief in the future of XRP, I’d like to have you look at the charts with me.
January 5, 2018, XRP made an all-time high at 3.06.
Since then, XRP spiked in April 2021 to 1.89. Then in July 2023, XRP ran up to .9479. In November 2023, XRP ran to .7486.
On Monday, March 11th, the high was .7449 with a huge volume.
Since 2018, every spike high has been at a lower price than the one prior.
When a chart makes a series of lower highs, one simple technical signal is to follow the breakout of the previous high as that pattern is now broken.
In XRP, a move over .7486, or last November’s highs would be such a signal.
Furthermore, you can see the Real Motion chart and the rising momentum.
That makes me think that a move over that November high will bring yet another surge of volume as many folks are watching XRP carefully.
Personally, I believe that XRP could come back to life and take out the 2018 highs to go much higher.
However, patience waiting for the chart to set up is always the right thing.
ETF Summary
- S&P 500 (SPY) 510 pivotal-as in below could see more correction
- Russell 2000 (IWM) 205 area support to hold
- Dow (DIA) 385 support 400 resistance
- Nasdaq (QQQ) 435 key support
- Regional banks (KRE) 45-50 range
- Semiconductors (SMH) maybe ready to see levels back down to 208
- Transportation (IYT) 69 area now support
- Biotechnology (IBB) 140-142 resistance 135 support
- Retail (XRT) 73 support
- iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77 big number to hold (still)
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