In the cryptocurrency space the price action has been quite volatile to the upside lately. The 3 year bear market that started in 2018 is over, and we have just begun the transition into the next full year long bull cycle.
#1) We must acknowledge that XRP hit all time volume the other day, and it tripled the previous high. In 2017 the peak 24 hour volume for XRP was $13 Billion. This was because many exchanges did not have XRP at the time so it couldn’t reach full bull run potential like BTC and ETH. Recently, XRP just reached $33.5 Billion and is now consistently pushing more volume than Ethereum, the 2nd largest cryptocurrency by marketcap currently. Some are speculating that XRP may take Ethereum’s throne at #2 spot.
#2) Huge influx of new investors. Nobody can deny this. Recently, the XRP Ledger had more accounts created in a 24 hour period than compared to the last 18 MONTHS! The google trends chart for the search term “XRP” also backs up this claim. XRP searches are heading back to record levels and the price is only $0.60!
Further proof to this is that the #1 leading YouTube XRP content producer, Blockchain Backer, is receiving record amounts of views on latest XRP videos. 60k views in 1 day on XRP price analysis. This is more than the XRP community has ever seen in its history of YouTube Channels. Record viewer levels, there is no denying a huge influx of new investors.
#3) The latest XRP monthly candle. Absolute monster, still does not close for a bout 3 days, but the monthly candle has broken 3 major resistances in 1 go. We have not had a monthly candle this large since 2017 bull run
#4) Ripple still hasn’t dropped the BOA bomb, heavy speculation this is XRP usage. Ripple personally confirmed to XRP Influencers on Twitter that a much larger campaign is being planned for this BOA stuff. The key is when are they going to drop this news? if they drop this mid bull run….. better buckle up.
#5) Lots of consolidation above $0.50 on the micro time frames. Notice how XRP isn’t already back down to $.20? Yeah that’s because we are now using old resistance as new support and XRP is getting some really good consolidation at $0.50 -$0.60 and that’s what’s keeping us from going to the $0.20 range. Yes we will have some dumps along the way but crypto recovers very quickly from dumps in a full on bull cycle.