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XRP Reaches Latest 2020 High As Bullish Trend Continues – Forbes


XRP continued its strong, upward trend today, climbing to its highest in more than six months as the digital token benefited from bitcoin’s recent gains.

The digital asset rose to as much as $0.3399 this morning, according to CoinDesk price data.

At this point, the XRP token was trading at its highest since July 21, additional CoinDesk figures show.

Further, it had almost doubled after falling to as little as $0.175 in December.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, weighed in on this situation.

“XRP has surged significantly since its lowest point in December last year,” he noted.

“Most of these gains can be attributed to the overall market sentiment turning positive and Bitcoin steadily rising in price from under $6,500 on December 18 to over $10,000 today,” said DiPasquale.

Kiana Danial, CEO of Invest Diva, offered a similar point of view, asserting that bitcoin has helped push XRP prices higher with its recent appreciation.

“The majority of cryptocurrencies are correlated to Bitcoin price,” she noted, adding that “their reactions can be delayed.”

“Today, the biggest gainers in the top 20 cryptocurrencies with the largest market cap included XRP, Ether (ETH), Stellar (XLM) and Neo (NEO), according to CoinMarketCap,” said Danial.

“We could see similar gains in other altcoins in the coming days as long as the Bitcoin uptrend continues,” she added.

DiPasquale also weighed in, providing more specific guidance.

“For XRP, $0.30 served as a major resistance, and now, with that resistance broken, we can expect some consolidation followed by further price appreciation as long as Bitcoin remains above $10,000.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.



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