- “Time to say bye-bye to 750 days of bear market,” says analyst as XRP climbs above $0.260
- XRP seeing lot of traction in Mexico, the Philippines, and Australia
Today’s winner of greens in the crypto market is XRP.
The third largest cryptocurrency has been failing to see much action despite Bitcoin recording substantial gains since we entered into 2020. Even altcoins like Bitcoin SV (BSV), Bitcoin Cash (BCH), Dash, Cardano (ADA), Ethereum Classic (ETC), and IOTA has been climbing up crazy
But today, among the top 15 cryptocurrencies, XRP is the top performer with 7.15% gains recorded in the past 24 hours while trading at $0.257, a level last seen in November. In the BTC market as well, XRP is up by 6.32%.
According to trader Scott Melker, “It’s finally time for XRP,” as bullish divergence on daily finally plays out.
“Alarms went off,” he continued as XRP breaks through key resistance at 0.00002533 against BTC. A close above the descending line at 0.00002709 and a potential retest here at support, he said would be “positive” for the digital asset.
Any “dips are for buying!
Ever since hitting its all-time high at $3.93 in early January 2018, XR price has been on a decline, putting in a new low. Last month, the digital asset went as low as $0.179 level. But looks like, the best performing asset of 2017 bull run is getting ready for a new bull run.
Time to say bye-bye to 750 days of bear market.
— Galaxy (@galaxyBTC) February 2, 2020
Trader XO also feels there is an uptrend coming as he said, “Wouldn't short this,” which means any “dips are for buying!”
Previously, he shared a chart portraying a Wycoff method according to which XRP could have experience spring with another lower leg before taking off but it looks like the digital asset is skipping it this time and had enough of the losses.
— TraderSZ (@trader1sz) February 2, 2020
XRP Gaining Traction
Meanwhile, the XRP community is also enjoying the amount of traction XRP is seeing in Mexico, the Philippines, and Australia, where Biso, MoneyGram, and other partners of Ripple are facilitating cheap and fast cross border payments via the digital asset.
XRP will become a better store of value than Bitcoin.
Detractors are just realizing this. pic.twitter.com/CJMEsmgFtg
— Arturo Portilla (@Arturo_P_A) February 1, 2020
Another positive news doing the rounds is an official document of the partnership between Indian bank Federal Bank and Ripple.
Dated March 2019, the document states the reason for the partnership, “accelerate cross border remittances.” This partnership, Federal Bank said would help it explore new corridors where Ripple is “aggressively pursuing new partnerships.”