News
    Home   >     Industry    >     Main body

    XRP price soars 55% to 'crucial' level as Bitcoin notches new high at $38.5K

    Abstract:A sudden reversal of fortunes takes XRP 55% higher in 24 hours despite legal problems at Ripple persisting.

      William Suberg

      9 minutes ago

    XRP price soars 55% to 'crucial' level as Bitcoin notches new hIGh at $38.5K

      A sudden reversal of fortunes takes XRP 55% higher in 24 hours despite legal problems at Ripple persisting.

      585 Total views

      1 Total shares

      Listen to article

      0:00

      Market Update

      Bitcoin (BTC) continued its habit of hitting all-time highs almost every day on Jan. 7 as bulls took the largest cryptocurrency above $38,000.

    Cryptocurrency market overview. Source: Coin360BTC price passes $38,500

      Data from Cointelegraph Markets, Coin360 aND TradingView followed BTC/USD as it took out another hurdle on the way to the psychologically significant $40,000 milestone.

      On Thursday, gains had accelerated, with Bitcoin investors seeing 24-hour returns of 11.5%. Just a week ago at the start of the year, Bitcoin traded at $28,000.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

      As Cointelegraph rEPorted, the largest cryptocurrency, together with Ether (ETH) and a hanDFul of other altcoins, has become the best investment play of 2021, leaving even Tesla stock far behind.

      $TSLA was the winning punt of 2020 since the coronavirus crash in March, with Bitcoin also being beaten by Ether.

      “The nEXt correction is absolutely going to be painful for all the #FOMO buyers,” Cointelegraph Markets analyst Michaël van de Poppe warned Twitter followers as Bitcoin reached another new record high of $38,510.

    XRP abruptly comes back from the dead

      In altcoins, meanwhile, a curious renaissANCe was occurring for embattled number four cryptocurrency XRP.

      Having previously lost a substantial amount of its value due to legal issues at major stakeholder Ripple, XRP saw a sudden rebirth this week, rising from $0.23 to $0.35 in a single day.

    XRP/USD 1-hour candle chart (Bitstamp). Source: TradingView

      For Van de Poppe, $0.35 now represented the make-or-break level for bulls to hold in order to continue their gains, which come despite no real movement in the legal proceedings.

      “XRP needs to crack this significant resistance zone to be able to continue the upward push. If that doesn't occur, more consolidation is required,” he commented.

    • #Bitcoin
    • #Altcoin
    • #Ripple
    • #Bitcoin Price
    • #XRP
    • #Markets

      Related News

    •   ETH Miners Will Have Little Choice Once Ethereum 2.0 Launches With PoS

    •   Universal Passport gives devs and users access to multiple blockchains

    •   The crypto and blockchain projects with the biggest buzz in 2020

    •   Whats next for Bitcoin price after $35K? Bulls and bears speak out

    •   Why XRP, DeFi TOKens crashed the most vs. BTC as Bitcoin price corrects

    •   Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

        

      Loading

      Editors Choice

    • XRP price soars 55% to 'crucial' level as Bitcoin notches new high at $38.5K
    • Novogratz predicts young people will buy Bitcoin with their stimulus checks
    • Visa-backed Bitcoin startup to launch Lightning-based global payments app
    • UK crypto community reacts as FCA derivatives ban goes into effect
    • Bitcoin NVT ratio suggests BTC may see another 'explosive move' as search interest spikes

      Cointelegraph YouTube Subscribe

      Advertise with us

    Article involves exchange