What Could Have Led Ripple (XRP) To Surge Over 20% After Months of Darkness?
Ripple (XRP) investors have been discouraged as of late after watching Bitcoin and many other cryptocurrencies surge while XRP remained caught in a bout of sideways trading in the lower-$0.30 region.
Today, however, XRP was finally able to break out of this seemingly indelible trading range and has now moved into the $0.40 region after surging over 20%.
Ripple (XRP) Soars 20% To Fresh Year-To-Date Highs
At the time of writing Ripple (XRP) is trading up over 22% at its current price of $0.40, up significantly from its daily lows of $0.32.
Prior to today’s surge, XRP was severely underperforming the aggregated crypto markets, as it remained caught in a tight trading range between $0.30 and $0.34 that proved to be a difficult range to break above in spite of the tailwinds created by Bitcoin’s upwards surge, which allowed many cryptos to post decent gains.
Regardless of XRP’s lackluster performance over the past several months, the cryptocurrency incurred a massive influx of buying pressure yesterday that instantly led it to surge to fresh year-to-date highs in the lower-$0.40 region, where it has found some levels of resistance that have proven to be difficult to break above.
XRP is currently the best performing major cryptocurrency and is surging at a time where many altcoins are drifting slightly lower as Bitcoin appears to be facing growing resistance in the $8,000 level.
At the time of writing, Bitcoin Cash is trading down 2.3%, Litecoin is trading down 0.6%, and Ethereum is trading up just over 3%.
Influx of Positive News Fuels XRP’s Surge
A recent influx of bullish news surrounding Ripple may have fanned the flamed that have fueled its recent upwards momentum.
One recent piece of news that closely preceded the pump was Coinbase’s announcement that New York-based traders are now allowed to buy XRP on the exchange’s platform, which was seen as being a bullish development by many investors.
“XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase.com or using our iOS and Android apps,” the exchange noted in a recent tweet.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs
— Coinbase (@coinbase) May 13, 2019
Moreover, this announcement also led some investors to believe that this was a sign of imminent institutional adoption due to Wall Street being located in New York, although this is highly speculative and there is no telling at this time as to whether or not these theories carry any clout.
Presently, it remains unclear as to whether or not XRP will be able to gain a solid footing within the $0.40 region, or if this recent pump will be fleeting and a drop back into the lower-$0.30 is imminent.
Featured image from Shutterstock.
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