XRP Surges Through $0.47 Resistance After Consolidation Period

Last Updated : 2018-11-05 19:55:27

XRP, the seventh largest cryptoasset by market cap according to cryptocompare.com, has surged almost five percent today (Monday, 5 November) to $0.49 at press time, following weeks of mostly sideways movement around the $0.46 region. This movement comes after the cryptocurrency fell by almost four percent last week to about $0.44, but recovered to the $0.46 range a few days later.

As CryptoGainer Group reported only hours ago, the positive 4 November price action had looked to be stuck at the $0.47 level, until a few hours ago when a 6.8% surge broke though that resistance.

The end of September saw gains of almost 200% for the crypto, with a high of $0.78 - impressive considering the ongoing bear market. October was thus a hangover month, as XRP corrected back down to $0.38 toward mid month and consolidated in the mid $0.40 range. The current price action is a clear breakout from the the October consolidation.

There was no significant news in the past few days to explain the positive price action, aside from Ethereum’s (ETH) strong showing yesterday - ETH often acting as a market leader for altcoins - of about ten percent gain.

CryptoGainer Group reported today that CoinField, a XRP base-paired exchange operated from Vancouver, Canada, went live offering 20 trading pairs against XRP and 29 in total, including with six fiat currencies. The exchange is available in 61 countries.

Independent developers of the XRP TipBot team released a mobile client for their social media-integrated tipping app, late last month.