XRP surges above $1 for first time since 2018

XRP shocked onlookers over the weekend as it broke the $1 level of resistance for the first time in more than three years despite an ongoing case with the SEC

Ripple’s XRP token has vastly benefitted from what some are describing as a weekend “alt season”, with it rising above the psychological level of resistance at $1.00.

Staggeringly, XRP has now rallied by more than 150% since the turn of the month as traders speculate over a bullish outcome to the ongoing SEC lawsuit with Ripple over unregistered securities sales.

Its hike in price has come alongside a surge in a number of popular assets from 2017 including Tron (TRX) and NEO, demonstrating the rotational market that cryptocurrency has become over the past few months.

In terms of XRP from a technical analysis perspective, it needs to close Tuesday’s daily candle above $1 to confirm a breakout, with price targets beginning to emerge at 2017 levels of $1.09, $1.20 and $1.24.

XRPUSD chart by TradingView

However, if it rejects from the $1 it will likely retest the previous level of resistances at $0.94 and $0.75 as support before deciding on its next path.

Much of it will also depend on the trajectory of Bitcoin, which has been consolidating beneath the $60,000 level for more than a week.

Altcoins like XRP typically perform well when Bitcoin engages in sideways price action, if Bitcoin makes a major move in either direction, XRP will most likely subside as traders attempt to capitalise on lower risk assets like Bitcoin.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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