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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The digital currency ecosystem is seeing mixed performance as many altcoins have decoupled from Bitcoin (BTC), the clear industry leader with a 0.40% slump in 24 hours to $61,969.33. XRP is among the altcoins that have printed a different growth path after the coin jumped by 7.6% in the past 24 hours to $0.6331.
XRP has been a major source of concern to members of its community as it typically fails to soar in tandem with the general market. This lackluster push by its market whales has characterized its growth over the past two months of the year. This makes this current decoupling a major push, one that has helped extend the XRP growth rate to 16% in the trailing seven-day period.
The current price mark, which is a mild tone down for the coin, soared from a low of $0.4982 to a high of $0.6288 in 24 hours. This higher end of the spectrum marks a positive one for XRP, seeing the asset has not attained this level in more than eight weeks, marking its personal best for the year.
Though XRP has many headwinds ahead, it is notably still at the mercy of the outcome of the lawsuit settlement between the United States Securities and Exchange Commission (SEC) and the blockchain payments firm Ripple Labs Inc.
On the technical side, the current setup on the XRP/USD daily chart has shown the coin is above the 50-day and 200-day exponential moving averages (EMA), showcasing a bullish long-term outlook.
Should XRP manage to sustain the breakout above the $0.62 level, it is bound to keep an additional uptrend toward the $0.7 level soon.
In its push to new heights, the roles of both retail and whales need to be complementary and sustained to wade off any correction through profit-taking experienced along the way.