The cryptocurrency market has finally seen a collective bullish swing after weeks of desperation which pushed the market cap to under $103 billion until December 17. Following this, the market made a stark reversal, with major coins awash in green, some experiencing double-digit gains. EOS [EOS] and Ripple’s XRP were the biggest gainers in the market respectively, with other coins also seeing massive gains in this brief bullish market.
XRP overtook Ethereum to cement its place as the “top alt-coin” at the beginning of November, riding high on its Middle East expansion. Both XRP and Ethereum [ETH] were hit hard by the BCH induced meltdown, but the latter came out worse with the gap between the two widening as the fallout continued. At press time, the top two altcoins are $3.5 billion apart in market cap.
The key support level of the coin stands at $0.289, which the coin is comfortably rising above. The key resistance level of the coin initially stood at $0.309, which the coin surpassed at 1200 UTC on 17 December and due to the rapid rise, a new key resistance level began to form at $0.332, which the coin is hovering at. The MACD line points to a bullish swing while the 100 EMA line suggests that the coin is in an uptrend.
During the late hours of 17th December, the RSI of the coin skyrocketed to 90.29, with XRP seeing massive gains and hence immense investor interest. At press time, the RSI has fallen to 55.20. The trading range exhibited by the coin is $0.325-$0.353, with the coin on the lower end of the scale. At press time, Ripple’s XRP has increased by 12.47% against the U.S. dollar and is currently priced at $0.326.
The payment centric crypto has increased against a gaining Bitcoin by 5.91% and currently, one XRP can purchase 0.00009342 BTC.
After hovering above and below the $12 billion mark for the better part of one week, the top altcoin finally showed some movement, and thankfully for XRP holders it was positive. The first growth spurt began at 1200 UTC on 17 December when the market cap jumped from $11.89 billion by 5.21% to reach $12.51 billion in a matter of 2 hours. After sluggishly moving to $12.61 billion, the market cap further increased by 8.71% to $13.71 billion 2000 UTC on December 17. Following a drop to under $13 billion the market cap rose to $13.95 billion, its highest point since December 6. At press time, the coin’s market cap has fallen slightly and is currently pegged at $13.30 billion.
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