XRP, the cryptocurrency of Ripple, gained 32.14 percent in the last 24 hours despite the ongoing lawsuit.
The sixth most ranked coin rose with the surge in demand for Ethereum after ether, Ethereum blockchain’s token set a new all-time record at $2,151.25 a coin.
XRP rose by 32.14 percent to $0.886998 without specific reasons for the renewed interest in the embattled coin besides surged in Ethereum value.
“We’re not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well,” Joel Kruger, currency strategist at LMAX Digital, stated. Names like TRON and siacoin “are performing even better than XRP on this more thinly traded Easter holiday Monday.”
However, Pankaj Balani, Delta Exchange CEO said the XRP prospects look going by the inverse head and shoulder pattern.
“XRP has formed an inverse ‘head and shoulder’ pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents.”
Balani, therefore, sees XRP hitting $1.00 a coin and $1.30 on a breakout above the neckline resistance.
“The pattern has formed over the six months; therefore, in case of a breakout, the bullish move is expected to be quick and sustainable,” Balani said in a WhatsApp chat, adding that volatility is likely to remain high due to the SEC lawsuit.