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Ripple’s XRP gets back to $1

Photo of: Joseph Stone
by Joseph Stone

Ethereum is dragging the major altcoins, including XRP, in its wake. For the first time since 2018, the price has offered itself a foray beyond one dollar. Can such a price last?

In the end, it’s only Bitcoin, at this point, that isn’t enjoying a boom. Ether is now settling beyond $2,000. And the second of the cryptocurrencies is dragging other crypto-assets in its wake.

The result: a crypto market now worth more than $2 trillion, that is, 2,000 billion. XRP, which had seriously declined in the global hierarchy, is also benefiting from this upward trend.

The numbers of the last few days are indicative of this momentum that the Ripple token is in. On April 4 at 8:20 p.m., the token was trading at $0.61. On April 6, in the morning, XRP was close to $0.90.

And this trend continued on that same day. To the point where the cryptocurrency, formerly number 3, passed the dollar mark. Its capitalization flirted with 47 billion dollars, 20 billion more in a few days.

But moreover, it was crossing the dollar threshold again, something XRP had not experienced since March 2018, as CoinDesk reminds us. Since then, the token’s price has fallen back below that level. But it could well resume its rise.

According to trader Cantering Clark, all the technical components are there for it. And paradoxically, XRP would benefit from its withdrawal from the major exchanges. XRP could soon attack the $1.20 resistance.

The token, however, remains far from its all-time high (ATH) in January 2018. XRP was trading at $3.30 then, according to Messari. Such a level is not in the cards. Especially since on the legal front, the battle between Ripple and the SEC continues.

Another cryptocurrency recently demonstrated that a sanction from the authorities does not necessarily rhyme with the end of the road. After years of proceedings, Tether was fined $18.5 million.

Ripple’s management could be satisfied with such an outcome. The troubles with the SEC will last, at least, several more months. In the meantime, XRP is picking up colors, making us forget the dark month of December 2020.