XRP was much weaker than the rest of other cryptocurrencies, even after the overall market rise. The digital asset fell far from the all-time high. For example, Bitcoin dropped only 45% from the peak, while XRP dropped 92.7% even after the last increase.
Last week, XRP was able to break down several key resistance levels and is now above the $ 0.3 level. Unfortunately, XRP is still far from the $ 0.3346 peak in early 2020.
While both Ethereum and Bitcoin are building new 2020 highs, there is good news for XRP, although XRP is left behind. For example, although the digital asset Tether (USDT) prints $ 300 million, XRP is ranked 3rd with market value. For a while, Tether had a higher market value than XRP because XRP continued to be traded sideways while the company behind stabilcoin was regularly printing a lot of cryptocurrencies.
XRP is currently at a market value of $ 13 billion, well below Ethereum of $ 43 billion and Bitcoin of tremendous $ 206 billion. In terms of market dominance, XRP is still weak. In October 2019, XRP had reached a high domination of 5.72% to the rest of the market, but two weeks ago this number saw a significant drop, falling to 3%.
XRP Price View
The latest break is accompanied by an increase in trading volume, which indicates a good bullish momentum for XRP. The RSI is more than 80 points, but FOMO and the overall bullish trend will likely continue to push XRP to new heights.
The next resistance level is $ 0.35, which was last formed on February 15, and then $ 0.40 and finally $ 0.5. For support, bulls can use 12-EMA and 26-EMA daily. In addition, $ 0.30 serves as the most critical support point for bulls.