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XRP Experiences Sudden Surge as NEM Climbs to Nine-Week High

XRP Experiences Sudden Surge as NEM Climbs to Nine-Week High 1

XRP surged more than four percent in a matter of hours, taking its price once again above the $0.52. Presently, there are no clear indications for the surge, but the positive developments concerning both Ripple and XRP continue to saturate the news. Meanwhile, Bitcoin, as well as the other top-ten altcoins continue to post positive numbers in the day’s trading.

XRP up by Over Four Percent

Within a space of fewer than two hours on Monday, XRP surged from $0.49 to $0.52. The hourly chart for the third-ranked cryptocurrency currently shows the presence of a robust buying momentum. This trend is likely because of an influx of traders looking to purchase the coin in the hopes of an even more sustained bull run.

XRP Experiences Sudden Surge as NEM Climbs to Nine-Week High 2

However, the strong buying momentum developing for XRP might cause a trend reversal as sudden as the surge in the first place. XRP will need to surpass and hold the $0.55 resistance level to form a new higher high. The last time the price of the token reached the $0.55 threshold, it lost 11 percent over the course of a few days.

NEM Surges 25 Percent to Reach Nine-Week High

17th-ranked NEM is one of the biggest gainers on Monday, surging 25 percent to reach a nine-week high. Unlike XRP, the NEM surge is perhaps easier to explain given the recent news of Coincheck reinstating trading of the cryptocurrency.

XRP Experiences Sudden Surge as NEM Climbs to Nine-Week High 3

It is, however, important to note that the price surged began almost an hour before Coincheck posted its official announcement. At the height of the rally, NEM crossed $1 billion in market capitalization, its highest level since the start of September. As at press time, a minor pullback has seen the token’s market cap fall back below the billion-dollar mark.

At the start of the year, hackers stole half a billion dollars in NEM tokens from Coincheck in one of the biggest cryptocurrency heists in the history of the industry.

DASH and IOTA Fail to Break Resistance at 50-EMA

Apart from XRP, Bitcoin, as well as the other top-ten altcoins also posted marginal gains. Bitcoin, the top-ranked cryptocurrency is hovering above the $6,400 mark, up by almost 0.5 percent over the last 24 hours.

XLM recently upstaged EOS to occupy the 5th position based on market capitalization. Its token price is up by almost 0.3 percent within the last 24-hour trading period. Outside of the top ten, both DASH and IOTA have experienced similar price gains while both failing to break their respective 50-EMA.

Image courtesy of Shutterstock and Coinmarketcap.

About author

For quite by chance, I discovered Bitcoin in 2010 and I have been an ardent enthusiast ever since. I enjoy cryptography, mathematics, and theoretical physics. If I am not writing about cryptocurrency, I am attempting to beat my scrabble high score.
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