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The popular cryptocurrency XRP has suddenly emerged as the outperformer of the entire top 10 cryptocurrencies, with nearly 10% growth in the last seven days. Thus, according to CoinMarketCap, the closest asset to XRP in terms of growth in the period under review was Bitcoin (BTC), with a 7.3% increase.
As a result of this price action, XRP came to $0.5914 and reached a market cap of $33.34 billion.
Mushumir ButtAlthough XRP beating the entire top 10 is something of a surprise, the growth of the popular cryptocurrency is something that has been expected for a few weeks.
As previously reported by U.Today, XRP's price chart showed some serious bullish signals earlier this week, including an inverted head-and-shoulders pattern that is above the 50-week and 200-week moving averages.
Speaking of the head and shoulders pattern, it is worth watching how the price reacts at the $0.65 level, where the neckline is located. If successfully breached, it will open the way for further XRP price appreciation.
Looking at historical price patterns, it seems that XRP has a chance to break above this zone, possibly toward the $1 point. This would be a typical target for such a formation.
Tomiwabold OlajideThe longer term indicators look good as well. The monthly chart shows a symmetrical triangle pattern, which often means that a big breakout could be on the way. The technical models say that if the upper trendline is broken, XRP could go as high as $4.20.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team