Liquidity in the cryptocurrency market has reached new highs, an altcoin boom is in sight, and the price of Ripple (XRP) has broken through multi-year consolidation levels
Capital inflows into the crypto ecosystem are more impressive than ever, with current data from analytical platforms showing that market liquidity has reached an all-time high (ATH).
The total circulating supply of ERC-20-based stablecoins is 76,150,161,366.21 ATH, an increase of 0.44%. The analysis predicts that the boom in stablecoin supply will benefit not only Bitcoin (BTC) but also altcoins. #山寨季开始
The Ripple price has risen by more than 20% in just a few hours yesterday, with the goal of reaching the level above $0.8, which could happen at any time from now on. As a result, the optimism surrounding XRP has surged, and the coin has emerged as one of the best performers compared to the past few days, largely driven by the meme coin.
After a long period of lagging behind the cryptocurrency market trend, the XRP price has finally triggered a bullish trend. The question now is whether the XRP Army is late, or if market participants have just shifted their attention to top altcoins like XRP.
The XRP price has struggled to break above the upper resistance channel several times, and the latest bullish momentum has done its job. In addition to this, the price forms a double bottom pattern within a decisive symmetrical triangle. This suggests that the price is about to trigger a significant rally that could break the 2021 high of around $1.98.
The weekly RSI favors the bulls, so the XRP price is believed to maintain a healthy upward trend and reach the temporary resistance level of $0.77, which could pave the way for the price to rise above $0.8. The price is likely to remain consolidating for a while before hitting a fresh high above $0.85, followed by a bullish breakout above $1.
With the bull market strengthening on a daily basis, this could validate the price to rise above the bearish paw and help the price rise to near the previous ATH (all-time high).
(Source: Abdul Kittur)