Unexpectedly, the XRP price has successfully overcome the local resistance level that had kept it at bay for the previous 53 days. If market sentiment stays good, this new event can open the door for the digital asset to gain ground and move upward.

An asset’s price travels within a constricting range with lower highs and lower lows in a downward price channel, like the one XRP was caught in. It is challenging for the asset to break free and transition into a new growth phase because this pattern has a tendency to put downward pressure on the asset’s value. Yet, once the price crosses the channel’s upper dividing line, it frequently denotes a potential trend reversal and the start of a bullish rally.

The fact that XRP has now been able to overcome the regional resistance level is encouraging for the short-term price performance of the coin. If the general market mood is bullish, this could result in more price growth.

Several things could potentially influence the upward movement of XRP. For instance, the continual work that Ripple is doing to improve its payment options and broaden its worldwide reach has been crucial in boosting investor confidence in the project. Positive developments in the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) could also benefit the market performance of XRP.

The price of XRP unexpectedly increased by 11%, outperforming the top 10 cryptocurrencies by market cap. Regarding daily gains, XRP is outpacing Bitcoin and Ethereum, up 0.62% and 2.87%, respectively.

XRP was trading at $0.427 at the time of writing, up 11% over the previous day. Around 8% has been added to XRP during the past two hours.

The sudden comeback happens just as XRP’s BTC chart bottoms out. After struggling for several weeks, XRP suddenly started to perform better in its Bitcoin pairing after hitting a low of $0.0000134 on March 20. XRP is now up 13% in comparison to Bitcoin. According to the RSI indicator, the XRP/BTC recovery trend may persist in the very short run, indicating that XRP may continue gaining ground on Bitcoin in the coming days.

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This article was republished from azcoinnews.com