Ripple (XRP), the fourth largest cryptocurrency according to cryptocurrency market values, has gained momentum just like the rise of Bitcoin. Ripple (XRP) price has been approximately in the past month 91% showing an increase in price, it started to attract attention again in the cryptocurrency community, which has been waiting for a rise for a long time. So, will Ripple be higher?
How Ripple’s Rise Started
As Bitcoin continues its struggle to the $ 18,500 levels, most altcoins have embarked on the expected bullish rally, according to analysts. Ripple continued its uptrend, which started at $ 0.28, first past the $ 0.50 level, then the $ 0.56 level, and rose to $ 0.78.
Ripple’s reaching $ 0.498 meant that it broke the record for 2020. Ripple (XRP) was expected to rise since the bull run in 2017.
Ripple’s staying at price levels above $ 0.50 is considered a significant rise, according to analysts. Resistance levels were broken as Ripple broke the $ 0.50 level and then continued to rise and climbed to the $ 0.70 level first.
Ripple Record 2020
Today (November 24, 2020) tested the highest level of $ 0.78 in the morning and dropped to the level of $ 0.57 during the day. It is possible to evaluate this decline as profit sales. According to some technical analysts, this return is considered a level of correction; According to some, this rapid decline was shown as a declining momentum due to the decline of Bitcoin.
On the other hand, one of the factors of this sudden rise of Ripple, which generates 60% returns in just a few days Spark Token Airdrop It is also claimed to be effective. One of the famous world cryptocurrency exchanges has recently supported the Spark Token Airdrop event to offer XRP investors. spark token announced that it will distribute. Correspondingly, Ripple (XRP) rise is expected to continue with this FOMO until December 12, 2020.
At the end of the uptrend in the cryptocurrency markets, a possible price correction is expected. When investors leave this pressure to profit sales as a result of excessive buying pressure, it is very common to see a decrease in the value of assets. The sudden drops and rises in the chart of the leading crypto currency Bitcoin (BTC) are both Ripple and other altcoins affects.
Apart from Ripple, there are many cryptocurrencies that have recorded the upward momentum, which are affected by the daily price drop in Bitcoin.
So will Ripple be higher? It is important to follow the 0.70 resistance for those who are buying the long-awaited Ripple (XRP) uptrend who are looking for the answer to this question. Ripple (XRP) is expected to continue its uptrend if it retests the $ 0.70 price level.