It seems that cryptocurrency bulls are back – over for now. Over the past 24 hours, Bitcoin has gained 7%, coming back to $8, 400 found in this weekend’s local low including $7, 700. Interestingly, altcoins have managed to keep pace with potential customers leader, posting similar in the event that greater gains.
XRP, for instance, has hit $0.256, marking an increase of just shy of 7% over the past 24 hours.
While this is a strong performance in and of itself, Luke Martin, a prominent cryptocurrency analyst recently featured on CNN, has argued that XRP might be poised to see more gains.
In a recent tweet, Martin noted that the XRP/Bitcoin chart is currently forming a long-term rounded bottom pattern, marked by lower lows, strong support at the bottom, and a slow increase in price off the bottoming support. Should the technical pattern play out in full, the aforementioned pair may have finally put in its lows for the year and may grind higher from here.
$XRP moving higher, continuing to form rounded bottom.
This is more than a technical story. The SWELL narrative should be a positive force for the next ~30 days.
My favorite major alt chart for October
– Luke Martin (@VentureCoinist) October 1, 2019
That’s not all. The CoinistResearch founder then reminded his followers that hype around Ripple Labs’s flagship conference, SWELL, may only perpetuate the potential positive price action that the cryptocurrency might see
For those who missed the memo, the SWELL conference is an event focused on developments in the Ripple ecosystem. Around the time of the event last year, XRP rocketed higher from under $0.3 to nearly $0.5, seeing an influx of buying pressure as fundamental news events for the cryptocurrency’s ecosystem were launched. Optimistic investors in the altcoin are hoping that the same will take place this year.
To put a cherry on the cryptocurrency cake, the XRP/BTC close just saw a back-to-back weekly close against the 10-week moving average for the first time since December 2018 – a sign that XRP bulls are gaining traction.
While the technical analyses of the XRP charts seem sound, it is clear that the cryptocurrency may not be fundamentally sound, specifically in regards to the perpetual selling pressure XRP will continue to see due to the sale of tokens by Ripple Labs itself and early adopters of XRP.
Ripple Bags Deal With European Firm
The positive developments for the popular altcoin come shortly after Ripple spelled out that it shows acqui-hired (acquired and hired) Algrim, a cryptocurrency dealing firm based in the Nordic country.
Based on the announcement, this new team, that often formerly focused on developing a crypto trading platform, will be focused on using their skills to develop Ripple’s On-Demand Liquidity product, who uses the XRP symbol as a means to settle and experience cross-border payments. As Christopher Kanaan, the senior vice chairman of Engineering at Ripple, remarked in a press techniques pour:
Utilizing built-in expertise in trading and investing and exchanges, the addition of Algrim’s engineering talent to our party will be instrumental in lasting the momentum we’re in any case experiencing with On-Demand Liquidity.