Tue, April 16, 2024

20% XRP Surge Tops Market; Hits $0.74 High

USD, bitcoin and XRP

Quick Look

  • XRP’s (Ripple) price soared over 20% in an afternoon, hitting a peak of $0.74.
  • The cryptocurrency outperformed others in the CoinDesk 20 Index with a 5% increase.
  • Year-to-date, Ripple’s growth is 17%, trailing behind BTC and the overall CD20 index.
  • Significant transactions fueled market speculation, including a 300 million XRP move from Binance.
  • Ripple CEO Brad Garlinghouse’s comments were linked to Ripple’s price surge.
  • Technical analysis suggests bullish trends with potential resistance at $0.7812.

The digital currency market witnessed an electrifying performance from XRP on March 11, 2024. Its value jumped more than 20%, reaching a high of $0.74. This marked the highest price point for XRP since a similar spike last November. The surge positioned Ripple as the standout performer in the CoinDesk 20 Index, which saw an overall increase of 5%. Despite this impressive daily gain, Ripple’s year-to-date growth stood at 17%, which, while noteworthy, lagged behind Bitcoin’s (BTC) 64% and the CD20’s overall 54% increase.

LTC, DASH, AVAX Notch 8-18% Gains

Other cryptocurrencies also enjoyed gains, albeit not as pronounced as XRP’s. Litecoin (LTC) and Dash (DASH) saw their values increase by 18% and 9%, respectively. Meanwhile, Avalanche (AVAX), Polkadot (DOT), and Cardano (ADA) experienced advancements ranging from 8% to 13% within the same 24-hour period, showcasing a generally positive market sentiment.

$187M XRP Move Sparks Whale Talks

The crypto community buzzed with speculation following significant XRP transfers, including a notable movement of 300 million XRP (approximately $187 million) from Binance to an unknown wallet. This, alongside other substantial transactions, raised questions about potential whale activity or routine Binance wallet maintenance. These movements coincided with Ripple CEO Brad Garlinghouse’s impactful remarks, a key factor driving XRP’s price surge.

Ripple’s CEO Comments Boost XRP 18.74%

Ripple’s market influence was highlighted as CEO Brad Garlinghouse emphasized key factors like surging BTC ETF volumes and the upcoming halving, aligning with Ripple’s focus on real-world utility. XRP’s value surged by 18.74%, closing at $0.7228—its most significant gain since a 73.39% rally on July 13, 2023, following favourable legal outcomes. Market watchers also considered broader influences, including speculation around a crypto-spot ETF and ongoing SEC legal battles, which may impact future market directions.

Bullish XRP Eyes $0.7812 Resistance

Technical indicators provided a bullish outlook for XRP. The cryptocurrency traded above the 50-day and 200-day Exponential Moving Averages (EMAs), suggesting a continuing upward trend. Analysts anticipated a potential run towards the $0.7812 resistance level, contingent on maintaining the momentum seen on March 11. However, the Relative Strength Index (RSI) pointed to overbought conditions, suggesting that selling pressure might intensify at higher price levels.

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