Wait is over: XRP impresses with bullish breakout
2 min readAnyone who invested in XRP last year needed to bring one thing above all: patience. Although supporters like to say that Ripple’s coin has the potential to even surpass Bitcoin, there was no sign of that in recent months. XRP is one of the few coins from the top 10 that performed rather weakly in 2023 and hasn’t really picked up this year either. At least until now. Today, the coin is having its best day of the year.
XRP Price Increases by 17%
The bullish sentiment in the crypto market continues. Bitcoin is up more than 4% and is trading at $72,000 – a new all-time high. The euphoria of the last weeks and months has long since spread to most altcoins. BNB is trading again above the $500 mark, and Ethereum has risen to over $4,000. Only XRP didn’t really want to get going. But now, there has been a bullish breakout, with the Ripple coin increasing by more than 17%.
Even after today’s increase of 17%, XRP is still only up 12% on the week, which shows that the coin was again among the losers in the days before. Looking at the development over the last year, XRP has almost doubled its value, but Bitcoin, Ethereum, and Solana have performed significantly better. Among the top 5, XRP managed to overtake BNB with today’s gains.
Reasons for the Rise Unknown
Why the price has increased so significantly in the last few hours is unclear. The crypto community on X is happy about the increase, but no one knows exactly how it came about. What is certain is that such an outbreak was urgently needed to keep investors, who have had to watch for a year as all coins outperform XRP, in a good mood.
Smash the like button if you didn't sell a single #XRP! 👊😎 pic.twitter.com/HcLW3QeorG
— JackTheRippler ©️ (@RippleXrpie) March 11, 2024
Even with the recent increase of 17%, XRP is still trading significantly below the $1 mark and far below the all-time high of $3.84. Whether the rally will continue, or if there will be profit-taking tomorrow, remains to be seen.
