XRP has risen significantly in recent days. The coin has risen 30% against the US dollar in the past 24 hours, making it the top performing crypto asset in the top 100 in terms of market capitalization. It’s no joke, XRP, a coin that has been bleeding almost continuously from the highs of 2018, gained 30% in a single day.
At the time of writing, the coin is trading at $ 0.45, its highest price in many months. Analysts believe the cryptocurrency could rise further in the coming days as technical trends align in favor of the coin.
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XRP has room to go higher
Analysts believe the cryptocurrency could rise even more in the coming hours and days.
Joe McCann, engineer at Microsoft and prominent crypto asset analyst, recently shared on his Telegram channel that XRP had just confirmed a bullish MACD crossover. The MACD, or moving average convergence divergence, is a popular technical indicator that attempts to show the trend of an asset.
He thinks it’s a sign that the coin could rise even higher in the new future. He notably did not explain over which period of time the MACD crossed positively.
Analysts believe XRP could rise even further by breaking out of downward macro trends, which had compressed the cryptocurrency’s price action over a number of years.
It remains to be seen how well XRP will rally in the near term. However, many are confident that a follow-up will take place as the cryptocurrency rises 40% in a single trading session.
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Will DeFi and Bitcoin eventually benefit?
Analysts believe DeFi and potentially Bitcoin will eventually benefit from rallies in older cryptocurrencies that may not have DeFi users.
Eric Conner, referring to XRP, Bitcoin Cash, among other older cryptocurrencies, recently commented on the gap between DeFi and these ‘ghost chains’:
“Zombie chains and DeFi protocols still need a massive relative reassessment. Combined TM of XRP, BCH, LTC, DOT, BNB, ADA: $ 33 billion. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: 4 billion dollars on the right… ”
It remains to be seen when this transition from old cryptocurrencies to DeFi blue chips will happen.
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Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com XRP Surges 30% Higher—and Analysts Think There's Upside to Come