XRP Price Surges 8 Percent While Other Top Coins Bleed

The price of XRP suddenly surged by more than eight percent on Feb. 4 while other top cryptocurrencies, including Bitcoin (BTC), remained in the red. The third biggest crypto reached an intraday high of $0.27, its highest level since Nov. 13, before retracing some of its gains. 

Now that XRP is back in the limelight, traders are trying to figure out whether this recent spike will have legs. 

All eyes on the $0.30 resistance level 

Crypto chartist Wendy O tweeted that XRP needs to close above $0.26 in order to open the door to $0.30. The $0.25 support remains the key level to watch for traders. 

Trader DonAlt will not turn into an XRP bull if the price doesn’t break above $0.30. This resistance area represents a line in the sand between the bears and the bulls, which is why it will be very hard to crack. 

Will BitMEX crash XRP?  

XRP’s price uncertainty comes right before BitMEX, the leading derivatives exchange is expected to list an XRP/USD pair. As reported by U.Today, the new perpetual swap contract will start trading on Feb. 5.

This should be worrisome for XRP investors. After BitMEX introduced its ETH/USD perpetual swap on Aug. 2, the Ether price tanked by 59 percent in just a little over one month. Without hedging, the swap created an unstable market that was rife with over-leveraged speculators.