Bitcoin Price has resumed its journey toward a new all-time high, and the renewed bullish momentum is pulling altcoin prices higher. The king coin and other altcoins have been trading in the green zone and are still going strong.
Some of the altcoins like Litecoin (LTC), Cardano (ADA), Ethereum Classic (ETC) surged considerably by more than 10%. It seems Ripple’s XRP price is following the same trend. Ripple (XRP)’s price had performed highly last week, gaining over 18%.
Analyst Bullish On Ripple – XRP Price Rally Towards $0.33
Well-known trader and crypto analyst Scott Melker is bullish on the fourth-largest cryptocurrency. In a recent tweet, the analyst with twitter handle Wolf Of All Streets claimed that XRP can rise to $0.33, which represents an increase of over 22% from its current price of $0.27.
As per the popular Crypto tracking tool Santiment’s data, significant growth in the number of whales invested in XRP. The report says that the current XRP holders with more than 1 million tokens have reached an all-time high of 17,625.
Bitrue Exchange Fuels Ripple Rally
Leading crypto finance platform Bitrue has announced that it will raise the interest rate for users wishing to stake Ripple’s native token XRP. The annual percentage rate (APR) for XRP on the PowerPiggy tool is now set at 5.3%.
Ripple Price Analysis
At press time, XRP is trading at $0.299635 with 11.51% . Ripple is currently holding a market cap value of $13,581,915,251 with $4,895,148,654 trading volume.
Since November 13th, XRP Price had a notable breakout from the ascending triangle pattern formed. Ripple price broke through the first major resistance level at $0.2764 and the second major resistance level at $0.2831.
In the series of an extended rally, XRP price could test the second major resistance level at $0.3041. On the other hand , the Failure might cause the price to fall at $0.2819 with the first major support level at $0.2739.
However, the initial price target is $0.30. As per indicators, Ripple could be looking for a pullback first on the verge of a correction in the short-term.
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