Slowly but surely the cryptocurrency market is rising. While Bitcoin (BTC) is sitting in a relatively sideways trend, some altcoins are showing good price dynamics.
As Bitcoin (BTC) trades sideways, its dominance rate has slightly dropped and now amounts to 65.6%.
The relevant data for XRP is below.
The data is relevant at press time.
XRP/USD: Can the ongoing sharp rise continue?
Against ongoing market uncertainty, XRP is the exception to the rule. The rate of the coin has rocketed by 8.30% over the past day. It has been the biggest gainer of the top 10 coins.
According to the chart, XRP has shown a significant price rise in just one candle. However, the growth was accompanied by increasing trading volume, which is unlikely to be a false breakout.
As a more likely scenario, XRP may keep trading in a corridor between $0.1750 and $0.18. It is too early to consider even a start of a short-term uptrend as other cryptocurrencies have not yet shown such big upward movement.
On the daily chart, XRP is doing much better. The MACD indicator is bullish and the current level is not the local peak. In addition, the coin is forming a Triangle pattern with the resistance zone at $0.18. If the current growth continues, buyers will reach it within the next week.
XRP is trading at $0.1743 at press time.