XRP, the number four altcoin in the market, started off slow when the majority of the cryptocurrency market was turning bullish. But it was soon able to catch up with the rest of the assets as it broke the $0.2900 resistance level for the first time in more than five months.
The altcoin was stuck in an ascending channel since July 29, but the price has broken out of that formation and the overall bullish sentiment in the market has helped push the price of the token past the resistance at $0.269.
XRP hasn’t stopped since, and the asset has now become the best performer among the top 25 cryptos, with a growth of 78.63% since July.
XRP has also resisted a major correction that saw Bitcoin drop almost 12% and Ethereum dropped more than 20%. XRP continued to maintain momentum after a small pullback to $0.283.
At press time, the majority of altcoins still hadn’t recovered from the correction, while XRP was growing by 6.3% on an hourly timeframe.
Most crypto traders have turned bullish and expect this rally to continue if the price manages to continue holding above the support in the $0.265-0.275 region.
One analyst expects XRP to price to do a “4x” if the asset settles above $0.30. He said:
Other traders voiced similar opinions, urging the community to buy more.
One trader had previously said that the short-term target for the coin is as high as 0.435 after a break past the resistance at $0.295. He tweeted:
XRP was able to set a daily high of $0.324, which was the closest it came to its 2020 highs at $0.33 but failed to hold. At press time, XRP is trading slightly above $0.296 after it failed to breach the crucial resistance and a psychological barrier at 30 cents.
Meanwhile, reports surfaced that remittance giant MoneyGram has received $15.1 million in XRP once again, from Ripple Labs, the company behind XRP. The XRP incentive is termed as “market development fee” in MoneyGram’s quarterly report and is supposedly for providing liquidity to Ripple’s ODL solution.
This isn’t the first time MoneyGram received incentives in XRP, as $16.6 million XRP was received in the first quarter, totaling the amount to $31.7 million.
However, previous reports have revealed that these funds weren’t held by MoneyGram as a spokesperson for the company was quoted saying they sell the XRP “as soon as we receive it.”