XRP breaches $0.3041 key resistance as the market surges: Technical Analysis
The market witnessed a surge yesterday led by Litecoin [LTC] and added nearly $10 billion to the total market cap to take it across the psychological barrier of $120 billion. The surge was led by Litecoin [LTC] which itself added nearly 30 percent to its value which led to a mini revival as the whole market headed north wards. At the time of print, Litecoin [LTC] is the fourth largest cryptocurrency in terms of market cap and is trading at $44.53, up by a whopping 17.95 percent. XRP is still holding on to the number two spot and has made a small jump of nearly five percent as compared to the mood of the market. At the time of print, XRP is trading at $0.31183 and in the past 24 hrs has shown a trading volume of $653,791,653.
At the time of print, the digital asset has found support at $0.3043 and is trading well above it at $0.31544. The key resistance level or the coin stands at $0.3041. The coin has managed to breach the key resistance level and is trading at $0.31596. The coin witnessed a spike yesterday when it overcame a resistance at $0.296. The coin however found resistance at $ 0.3122 and the coin has managed to close above this point. The hourly RSI indicator stands at 53.5320 and the coin is fast approaching the overbought zone. The MACD shows that the coin is in a bullish zone and the 100 EMA line suggests an upward trend.
At the time pf print, XRP is down by nearly 2 percent and one XRP is equivalent to 0.00008489 BTC.
Last month Ripple announced that it has hired a new general counsel. Reportedly, the new general counsel, Stuart Alderoty, comes from CIT Group, one of the largest a bank and commercial lender in the world. Ripple CEO, Brad Garlinghouse said Alderoty will be taking care of all legal work, global legal policy and Bank Secrecy Act compliance teams.
In another development that surprised many, Messari reported that XRP figures are significantly overstated and the figures are up by as much as $6.1 billion. As per the report, the cryptocurrency’s liquid “circulating supply” and “market cap” might be significantly overstated by 46%, which would leave the total “market cap” at $6.9 billion.
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