Ripple’s XRP cryptocurrency is having the biggest bull run following its downwards crash in December 2020. The token came out of consolidation while spiking above $0.5. Investors are now eyeing towards $1 if the resistance at $0.6 is broken. Meanwhile, the consolidation has also left the token motionless somewhere between $0.25 and $0.3. XRP Currently the 4th Largest Cryptocurrency CoinMarketCap denotes that Ripple’s XRP is currently the fourth-largest cryptocurrency by market cap. The token suddenly leaped higher in a surge powered by WallStreetBets traders. XRP over the past couple of weeks has been signaling towards a possible technical breakout. Hence, investors must establish higher support, preferably above $0.5. This will ensure that the downside is protected and will allow focusing on higher levels toward $1. Some delay is anticipated around $0.6. Although, if the bullish rally continues, gains to $1 will be seen in the near future. Traders have suddenly turned to cryptocurrencies this week after a long-running battle between retail traders of Reddit’s WallStreetBets and Wall Street hedge funds. Meanwhile, regulators and brokerages have tried to calm the chaotic but otherwise stable stock market with trading restrictions. XRP Rally Might be Short-Term Ripple’s XRP is the second cryptocurrency to suddenly pump this week, following Dogecoin’s rally briefly sending its price almost 1,000% higher. Tesla CEO, Elon Musk might have helped in driving the price of meme-based crypto higher before giving bitcoin a grand endorsement. The price of Bitcoin after dipping under $30,000 per bitcoin this week, suddenly leaped 20% higher after Musk changed his Twitter bio to “#Bitcoin.” pic.twitter.com/a6kmk0PEgM — Elon Musk (@elonmusk) January 28, 2021 However, despite XRP’s more than 50% rally, traders don’t think it will reach the kind of short-term gains seen as in Dogecoin. For instance, Glen Goodman, veteran trader and author of the book “The Crypto Trader,” said: “Buying XRP at these prices, while its future hangs in the balance, is a pure gamble. The WallStreetBets crowd could easily push it a lot higher, but the moment they lose interest and move on to a different target, the price is sure to collapse again.”
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