The positive sentiment surrounding the digital asset industry has been undeniable amid Bitcion’s ascension to $52,000. Indeed, it has informed the performance of the assets, as Ripple (XRP) is up almost 10% on the week. Moreover, a key breakthrough has situated the asset firmly on the path to $0.70.
If the asset continues on its positive upswing, it may well face even more increases. Specifically, the asset has broken through a key resistance level that was first established in November. If its position above that level can stay firm, it could be nearing a 20% upward swing that would be monumental for the asset.
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Ripple XRP Could be Set to Face 20% Increase After Key Break Through
As we approached 2024, there were a few assets that investors had high hopes for. Indeed, chief among those were both Bitcoin and Ripple. The first was set to benefit greatly from the approval of 11 Spot Bitcoin ETFs. Moreover, the second appears to be likely to benefit from the end of a plethora of legal trouble that has burdened it for years.
Now, passing the midpoint of February, both tokens have appeared to live up to that anticipation so far. Although the start of the year was slow, Bitcoin surpassed a two-year high mark of $52,000 this week. Moreover, Ripple XRP is up nearly 10% in that same time frame and has set a course to potentially surpass $0.70 shortly.
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The asset has broken through a notable resistance level that was established in November of last year. Since that breakthrough occurred, the token has been up a remarkable 20%. The asset had attempted a similar breakthrough four different times, with the most recent resulting in a surge of 4% in the last 24 hours.
Now, there is hope that such an ascension can continue. If it can maintain its position above that same level, it could see another 20% increase and a path to $0.70 solidify. That does appear to be likely, considering the overall sentiment of the asset and the network.
Coinglass data shows that XRP trading volume is up more than 37% over the last 24 hours. Additionally, spot market trading saw a 17% increase as well. Therefore, the data establishes growing interest in the asset as a whole. If that interest can maintain its position, further gains can be attainable in the short term