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Ripple’s native token XRP is looking bullish again.

Psychology

The fourth-largest cryptocurrency by market capitalization was among the best performers Thursday as its price swelled by almost 24 percent in the previous 24 hours. The XRP/USD exchange rate established a new weekly high at $0.585, its gains driven alongside a general upside narrative across the cryptocurrency market.

The XRP pump began after Bitcoin, the world’s leading cryptocurrency by market valuation, jumped above a sough-after resistance level of $20,000. The BTC/USD’s upside move influenced rival tokens to tail the trend thanks to its long-standing positive correlation with top-cap altcoins.

Bitcoin corrects lower from its record high at $23,776. Source: BTCUSD on TradingView.com
Bitcoin corrects lower from its record high at $23,776. Source: BTCUSD on TradingView.com

For instance, the second-largest token, Ethereum, jumped 11.29 percent under Bitcoin’s influence.

But XRP’s gains outran others. That could be due to a recent partnership between IBM and Expertus Technologies, a Canadian fintech startup actively experimenting with XRP-backed Ripple Labs’ payment solutions.

Meanwhile, XRP may have also front-run the rally because it was already available cheaper than the other top tokens, especially after its 45 percent price crash from its yearly high of $0.79. Traders apprehensively anticipated an XRP, Ripple Labs, cryptocurrency, Bitcoin

Ripple token rebounded by 34 percent in just two days of trading. Source: XRPUSD on TradingView.com
Ripple token rebounded by 34 percent in just two days of trading. Source: XRPUSD on TradingView.com

For instance, the Rising Wedge bull target for XRP/USD—currently—is near $0.79 (calculated from the maximum distance between the Wedge upper and lower trendlines). Similarly, the Descending Channel’s upside target is at $0.76.

Further adding strength to the bullish outlook is a moving average crossover. So it appears, the XRP/USD’s 4H chart is going to print a Golden Cross as its 20-period MA (green) closes above its 50-period MA (red). Traders consider a 20-50 MA crossover as a cue to increase their longs in the market.

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