While Bitcoin in and of itself has done quite well over the past few weeks, altcoins have done even better. Case in point, XRP, in the past week alone, has surged 15%, while BTC has registered a relatively mild 5% gain.
While this would suggest XRP is overextended, analysts currently expect the leading altcoin to surge even higher in the coming weeks, citing positive technical factors.
XRP is Preparing to Break Even Higher
Trader Posty recently shared one of his trade ideas for XRP in terms of its USD pairing. He noted that a likely scenario he sees playing out over the next couple of weeks is for the price of the altcoin to fall to around $0.25, which is in confluence with the 200-day moving average, then rally by 24% to a “key level of resistance on high time frames” at $0.315 — a level that has resisted the cryptocurrency’s rallies on multiple occasions over the past few years.
He wrote in an analysis that the “market [ is] so bull [right now] even XRP is starting to turn up,” drawing attention to the fact that the cryptocurrency has rallied by over 50% since the $0.17 bottom put in last December.
This partnership will see Intermex, which operates primarily in Latin America, use Ripple’s On-Demand Liquidity (ODL) product for “faster, transparent cross-border remittance services between the United States and Mexico.” ODL is one of the flagship products of Ripple’s RippleNet.