Ripple price analysis is positive as it continues to show bullish sentiments with XRP price surpassing $0.44 today. In particular, XRP has gained over 30% in the past 24 hours. Moreover, it is currently trading at $0.42, at the time of writing.
Notably, XRP price surged to its 16-month highs recording the highest price point since July 2019. Remarkably, Ripple’s XRP price has also soared above 50% in one week. Even more, the third-largest cryptocurrency by market value has extended its year-to-date gain to 116%.
The increase to a new yearly high reveals the likelihood of a new uptrend. XRP is potentially establishing a new support level at the previous resistance zone of $0.30. Moreover, XRP/USD has the potential to reach $0.45 before the end of the week.
The bullish cryptocurrency market sentiments have resulted in altcoin prices driving higher over the past days. On the other note, other altcoins such as Ether (ETH) soared above $500 with a gain of +6.01%. Included also is Litecoin (LTC) which also gained +0.55% in the previous week.
Additionally, other altcoins that have shown a crucial breakthrough are Cardano (ADA) at +0.18%) and Bitcoin SV (BSV,) at +5.78%. Also included is EOS at +6.61% and Tezos (XTZ) at +6.44% and Tron (TRX) at +3.94%.
Just as it has been a mini altcoin season, it has also been a bullish momentum for Bitcoin. The cryptocurrency is currently trading at $18,423.46 ( -1.3%), lower in the past 24 hours at the time of writing. Bitcoin is rallying towards its 2017 all-time high (ATH) of $19,783.
Another trader and analyst, Alex Kruger took it to comment about altcoins:
Altcoins are high beta assets. Alts usually move in the *same direction* of bitcoin, but more (in both directions).
In line with this Ripple price analysis, Timothy Peterson, an alternative investment analyst, believes that XRP might outperform Bitcoin in 2021. “Although Lowest Price Forward is strictly a price trend, I validated this trend with fundamental metrics from Coin Metrics,” says Peterson.
XRP is a cryptocurrency designed to help banks move money more quickly, and cheaply than traditional methods.