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XRP has increased significantly over the past day. The coin has risen by 30% against the US dollar in the past 24 hours, making it the best-performing cryptocurrency in the top 100 by market capitalization. Not a joke, XRP, a coin that has been bleeding almost continuously from its 2018 highs, has gained 30% in just one day.
As of this writing, the coin is trading at $ 0.45, its highest price in many months. Analysts think the cryptocurrency may move even higher in the days to come as technical trends align in favor of the coin.
Related Reading: Here’s Why Ethereum’s DeFi Market Could Be Close To Bottom
XRP has room to move higher
Analysts think the cryptocurrency could move even higher in the hours and days to come.
Joe McCann, an engineer from Microsoft and an important criptovalute analyst, recently shared with his Telegram channel XRP has just confirmed a bullish MACD crossover. MACD, or Moving Average Convergence Divergence, is a popular technical indicator that attempts to show the trend of an asset.
Think this is a sign that the coin could move even higher in the new future. In particular, he did not explain in what time frame the MACD crossed positively.
Analysts believe that the XRP could move even higher as it stops the bearish trend macro, which had compressed the price action of cryptocurrency for a number of years.
It remains to be seen how much XRP will rise in the near term. However, many are confident that a follow-up will occur when the cryptocurrency increases by 40% in a single trading session.
Related reading: Tyler Winklevoss: A “tsunami” of capital is coming for Bitcoin
Will DeFi and Bitcoin benefit from it?
Analysts think DeFi and potentially Bitcoin will ultimately benefit from rallies of older cryptocurrencies that may not have the users that DeFi has.
Eric Conner, referring to XRP, Bitcoin Cash, among other older cryptocurrencies, recently commented on the discrepancy between DeFi and these “ghost chains”:
“Zombie chains and DeFi protocols still need massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $ 33 billion. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $ 4 billion right … “
It remains to be seen when this transition from older cryptocurrencies to “blue chip” DeFi will take place.
Related reading: 3 Bitcoin chain trends show a macro bull market is brewing
Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com XRP Surges 30% Higher—and Analysts Think There's Upside to Come
