Ripple’s XRP climbs 5.4% to reach major price area

August 18, 2020
By Benson Toti

XRP/USD jumps 5.4% in 24 hours to post the best returns among the top 10 coins, even as traders eye a revisit to $0.35

XRP has seen positive gains, rising by more than 6% in the past 24 hours to reach a high of $0.313, after spending much of the past couple of weeks stagnated between $0.29 and $0.30.

The spike in XRP/USD price comes as the crypto market records an uptick to see total market capitalisation rise to $380 billion for the first time since June 2019.

XRP has quietly moved above resistance at $0.30 to test an area likely to be the next major support base before prices surge to a new multi-month high.

Reaching a new local high alongside a surge in the rest of the market will see bulls aim for a higher weekly close and build momentum for the $0.35-$0.50 price range.

Ethereum and Litecoin also gain

Ethereum, Litecoin and Bitcoin Cash are also trading marginally higher today. The price of Ethereum, which has seen its network fees skyrocket amid a frenzy of activity in the decentralized finance (DeFi) space, mirrored Bitcoin‘s price rally to topple resistance around $430 yesterday.

However, sellers have since exerted pressure to see it drop from intraday highs around $440 to trade near $428 as of writing.

Nonetheless, investors are bullish about Ethereum given the impact DeFi has had and could continue to have on the number two cryptocurrency coin. As of writing, over $6 billion is locked in decentralized finance protocols, with total value spiking over the past month from around $4.3 billion.

Litecoin led the altcoin market in the top 10 yesterday, and has continued to print higher lows in intraday trades today as new support above $65 confirms the current bullish flip.

Litecoin’s momentum is likely to gain a huge boost given its privacy-focused feature already in the pipeline for implementation. That also comes on the back of Litecoin creator, Charlie Lee, noting that its SegWit implementation now involved over 80% of network transactions.