Ripple Price Analysis — April 5
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Following a significant bull run in the Asian session on Monday, Ripple (XRP) has crossed the $0.7000 resistance in what is its highest weekly close in three years. The seventh-largest cryptocurrency posted a 20% rise over the past 24 hours with trading volume surging by close to 50% to $11B over the same period.
This massive surge occurred despite the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). It appears that investors have moved past the allegations mounted against Ripple and participate in the broader cryptocurrency market rally.
Over the past week, the altcoin market capitalization has climbed by over $120 billion. The altcoin industry has been increasing its dominance in the cryptocurrency industry and now accounts for roughly 45% of the total market capitalization.
This past weekend, some of the top 10-largest cryptocurrency, including Ethereum (ETH), BitTorrent (BTT), and Binance Coin (BNB), all recorded fresh record highs.
Meanwhile, the blockchain-based company continues to expand its presence across the Asian market. Just last week, Ripple acquired a 40% stake in the Malasia-based FinTech startup Tranglo to bolster fast and efficient payment solutions in the region.
Key XRP Levels to Watch — April 5
Ripple has finally caught on with the altcoin fever, surging by more than 20% over the past 24 hours and about 30% over the past 7 days. However, the cryptocurrency appears to be losing bullish momentum as it stalls below the $0.7272 resistance.
That said, we could see a rangebound movement between the $0.7272 resistance and the $0.7000 psychological support over the coming hours, with the possibility of extended dips towards the $0.6800 area. Nonetheless, a clean break above the $0.7272 could open the doors to $0.7500 and higher.
Meanwhile, our resistance levels are at $0.7272, $0.7500, and $0.7800, and our support levels are at $0.7000, $0.6800, and $0.6660.
Total Market Capitalization: $1.94 trillion
Ripple Market Capitalization: $33 billion
Ripple Dominance: 1.7%
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