Ripple continues ripping higher and has now surpassed another round number: $1.50 according to the data from Bitsmap. The high so far is $1.57 but price action is rapid. This represents a rise of around 24% on the day and above 50% since the beginning of the week when it was hugging the $1 level.
We listed 3 reasons for the most recent Ripple rally.
But what’s next for XRP/USD? Here are the technical levels to watch for the next moves in the price of Ripple.
XRP/USD technical levels
On the top side, we can extrapolate from the ranges that the digital coin traded in recently. Before the recent move, Ripple’s price was held back at $1.40. This 10 cent range implies a potential for another 10-cent move to the upside, therefore sending us to $1.50.
Another approach is to look at the previous all-time high of $1.25, recorded on December 22nd, just before the big crypto-crash. The 25-cent trading range implies another one on top of the current level, thus putting a target of $1.75. And the next big round number is clearly $2.
Looking down from $1.50, we find the aforementioned $1.40 as an initial cushion after capping the price earlier in the day. It is followed by the peak of $1.30 seen yesterday. The December 22nd swing high of $1.25 is next. It was the level before the crash.
Further below, we find $1.18, a double-top that was seen earlier this week, followed closely by $1.15 and $1.08.
Ripple to surpass Ethereum?
Zooming out of the Ripple/USD price action, we can note that the market cap of this specific cryptocurrency is rising faster than its peers. It is already the third in terms of capital and getting very close to second place, where Ethereum is standing.
According to CoinMarketCap, the market cap of Ripple is around $65 billion dollars while Ethereum’s market cap is $71 billion. So, the gap between XRP and ETH is only 10%.
Update: the rally extends and XRP/USD is already above $1.60. The ripple effect has ramifications:
Ripple dethrones Ethereum as the second cryptocurrency
More: Can cryptos can cause bankruptcy for brokers?
In any case, here is the one-hour XRP/USD chart with all the levels marked on it: