- XRP has shown impressive gains of over 30% in the past 24 hours
- The remittance coin led altcoins into what looks like a confirmed alternate season
- One of the reasons for XRP’s earnings is the snapshot from Flare Networks on December 12th
- XRP’s technical analysis also confirms its bullish trend
XRP’s remittance coin wowed the crypto-verse by posting very high double-digit earnings over a 24 hour period. According to Coinmarketcap, XRP is up 33%, which makes impressive earnings of other major digital assets like Ethereum (5.46%), ChainLink (6.35%) and Cardano (18.21%) seem dwarf. Below is a screenshot from Coinmarketcap demonstrating this fact.
Because XRP is pumping
Just 24 hours ago, XRP was consolidating at the $ 0.30 price level. A quick glance at the XRP chart reveals that the remittance coin has just hit a 2020 high of $ 0.437, which means a 45.6% increase over a 24-hour period. At the time of writing, XRP has cooled slightly and is trading at $ 0.416, as evidenced by the screenshot above from Coinmarketcap.
XRP’s impressive momentum in the cryptocurrency markets is attributed to two factors. For starters, the Flare Networks snapshot is getting closer. The event is slated for December 12 with more cryptocurrency exchanges, wallets and platforms announcing their support for the event. A quick glance at the Flare Networks website reveals that the Bithumb cryptocurrency exchange has confirmed its support for the event among the previously mentioned exchanges.
Generally, snapshots leading to airdrops have a bullish effect on the affected digital asset. In this case, investors are hoping to cash in on the chance to own “free” Spark tokens once the airdrop is announced.
Second, XRP showed bullish momentum at the macro level. This fact was highlighted by leading crypto analyst MagicPoopCannon who postulated that XRP could only test $ 0.80 or even $ 0.92. Furthermore, Timothy Peterson of Cane Island Alternative Investors had also predicted that next year, XRP could provide an opportunity for higher earnings than Bitcoin.
XRP’s impressive run over the past week could be loosely translated to signal the start of a short-term alternative season as Bitcoin consolidates below the $ 19k price level. As with all altcoin analysis, traders and investors are advised to always keep an eye on any sudden Bitcoin moves that could ruin the party.