After a long and arduous dry spell, XRP is back on the bullish run. On-chain analytics suggest that the token has managed to move ahead of its competitor, Tether. This move has again made XRP one of the top three crypto assets in the ecosystem, going by market cap. Some reports suggest that XRP has taken on a major stablecoin in terms of market cap.
On-chain markers point towards an XRP surge. The strong markers confirm that XRP is all set to make some major price movement. At press time, the token has cemented its bullish trajectory by breaking out of the $2.40 resistance zone. Industry experts suggest sustained trading above this resistance can push the token higher.
Is XRP Growing?
The token’s 50- and 100-day EMAs suggest that the upward movement is still strong. The RSI and the fear/greed matrix also indicate that traders still favor the token. Whaling activities recently also suggest that the token’s institutional interest is stil very strong.
Even though everything is going right for XRP, there is still room for chaos. Seasoned investors have noticed that the token needs to break the $2.70-$2.90 range to make any upward movement. Veteran investors have stated that the token needs to operate above the $2.20 mark for longer to gain more traction.
All in all, the token is still going quite strong and is looking to make new headways. As a result, XRP could be a good choice for investors at the moment.
