After weeks of recovery following the coronavirus pullback in early March, XRP (XRP) finally broke through the $0.20 psychological resistance level on Tuesday.
The second-largest altcoin is now up 8.9% on the day, bringing the price to $0.215. This move is notable as XRP had previously been unable to surpass the $0.20 level since losing it last month.
The rally comes as Bitcoin (BTC) continues to consolidate below the $7,800 resistance level, giving altcoins a chance to stage their own breakouts. XRP’s next move will likely be tied to Bitcoin, as XRP/BTC appears range-bound for the moment in a less-than-bullish pattern.
If Bitcoin can break through the $7,800 level, altcoins will likely also gain against the dollar. However, XRP will need to break out against BTC to begin a long-term rally.
US investors can trade XRP commission-free and earn $25 in free BTC by signing up for the Voyager app through this link and trading $100 (or use code: SLUDGE25).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.