Unlike other top cryptocurrencies, Ripple (XRP) did not make huge gains in the recent price surge that swept other cryptocurrencies. While other cryptos were posting percentage gains in double-digit figures, Ripple (XRP) performance was more tame.
The behaviour of this “transaction settlement” cryptocurrency in the last couple of hours has generated renewed hope among its followers. A sudden upward movement in Ripple price has allowed the cryptocurrency to post a 5% gain within a short time, technically setting it up for even higher moves.
Traders believe that higher levels around the $0.48 and $0.50 region are now in view. There is widespread belief that Ripple has gathered enough momentum to push towards this level.
At $0.34, XRP has already gained over 5% as at the time of writing, away from the $0.32 strong support that the cryptocurrency respected for several days. This is still lower than the $0.37 high that it posted in early April as the entire crypto market surged. Followers of Ripple still see that as an unimpressive performance, considering how well other coins performed within the same period.
Analyst Ryan W. Neal remains bullish, after the surge of the past few hours. He notes that the next resistance levels ahead of XRP are at $0.38, $0.44 and $0.50. In his opinion, the cryptocurrency will likely push strong enough to at least break through the initial two resistance levels and aim towards the $0.48 price level.
“We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView,” he said.
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