XRP price soars to new highs after recent legal victories and relisting rumors
XRP price broke out to a new multi-year high on April 13 as a surge of trading volume in the early morning hours has continued into mid-day.
The surge in price comes on the same day that both Bitcoin (BTC) and Ethereum (ETH) established new all-time highs as mainstream excitement for the cryptocurrency sector is on the uptrend ahead of the Coinbase direct listing on April 14.
Momentum for the XRP has been building over the past couple of weeks thanks to a series of legal victories for Ripple in its battle with the U.S. Securities Exchange Commission, along with rumors that the token may berelisted on multiple exchanges.
Ripple has also been making a marketing push to tout the various capabilities of RippleNET including the benefits of its on-demand liquidity that eliminates pre-funding of destination accounts and reduces operational costs.
According to data from Cointelegraph Markets Pro, market conditions for XRP have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for XRP began to pick up on April 7 when it first turned green and hit a high of 68 as the price of XRP slowly began to climb.
The VORTECS™ Score again reached a level of 68 on April 9, around four hours before the price increased 83% over the next three days, with a high of 87 coming just six hours before Tuesday’s price rally.
Stellar (XLM) has also seen its price rally 18% on Tuesday from a low of $0.576 to an intraday high of $0.678 as the XRP fork continues its pattern of tracking the movements of its predecessor for better or worse.
Data from South Korean cryptocurrency exchanges shows that traders have begun pivoting away from BTC and ETH to more attractively priced altcoins like XRP and XLM, meaning, the rally could just be getting started as retail investors are lured back into the cryptocurrency market.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.