cointelegraph.com
The price of XRP has surpassed $1 on April 6 for the first time since March 2018, putting its market valuation at around $47 billion.
Moreover, the fourth-largest cryptocurrency in the global market has broken out against the Bitcoin (BTC) pair, causing it to see significant technical momentum.
Social volume is growing
Another catalyst behind XRP atop the technical momentum has been its growing social volume.
According to analysts at Santiment, a data analytics platform, the social volume of XRP has been growing rapidly in tandem with several other cryptocurrencies.
The analysts stated:
"Most #altcoins have been maintaining their upward trajectory to start the week, with no greater surge among top 100 assets than what we've seen from $STX, which is seeing a 5-month high in social volume. Other spikes include $XRP, $XTZ, $FTM, and $BTG."
If the technical structure of XRP remains intact and the social volume remains consistently high, the momentum of XRP could potentially take the cryptocurrency to the next major resistance area.
Technically, the next resistance level is at around $1.20 with a macro sell-wall at $2, dating back to December 2017.