XRP broke a new multi-year high on April 13 as trading volume continued to climb from early morning to noon.
Data from Cointelegraph Markets and TradingView show that XRP fell to $ 1.42 and then rose 34% to $ 1.88.
XRP / USDT 4-hour chart. Source: TradingView
The rally comes on the same day as Bitcoin (BTC) and Ether (ETH) reached new highs, as the prevailing hype in the cryptocurrency sector is in an upward trend before the Coinbase Live listing on April 14.
The momentum for XRP has grown in the last two weeks, thanks to a series of legal victories for Ripple in the fight against the US Securities Commission, as well as rumors that the symbol can be used on several stock exchanges.
Ripple also markets marketing to advertise various RippleNET features, including on-demand liquidity benefits that eliminate down payment of targeted invoices and reduce operating costs.
Market conditions have been favorable for XRP for some time, according to Cointelegraph Markets Pro.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ -score (green) vs. XRP. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS for result for the XRP began to rally on April 7 when it first looked green, reaching 68 when the XRP price began to slowly rally.
The VORTECS result result reached 68 again on April 9, almost four hours before prices rose 83% over the next three days, with a peak of 87 just six hours before the April 13 rally.
The Lumen (XLM) Stellar price also rose 18% on April 13 from a low of $ 0.576 to an intraday high of $ 0.678 as the XRP fork continues the predecessor’s movement tracking pattern, for better or worse.
Data from South Korean cryptocurrency exchanges show that traders are starting to switch from BTC and ETH to alternative currencies with more attractive prices such as XRP and XLM, which means that the rally may have just begun as retail investors are lured back into the cryptocurrency market. …