On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
XRP has surpassed $1 for the first time in 37 months as major cap altcoins are starting to follow Ethereum.
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.
Mostly a technical rally, not too much fundamentals
When XRP was hovering at around $0.75, cryptocurrency traders noted that XRP's market structure was bullish.
Cantering Clark, a cryptocurrency derivatives trader, said that XRP has all the technical components to rally. Since then, XRP rallied from $0.75 to over $1.
On April 6, Clark said:
"Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentially left the market short from both a positional and sidelined standpoint. This can move much higher."
Another well-known trader, recognized as "Kaleo," noted that XRP's breakout against Bitcoin is particularly optimistic.
After its breakout above $1, Kaleo explained that XRP is on the verge of breaking out of a 3-year downtrend against Bitcoin. He noted:
"$XRP / $BTC is about to break out of a 3+ year downtrend. Zero exposure here seems irresponsible. When this sh*tcoin starts to pump, it makes vertical moves (aka all at once for a burst). Still very early."
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.
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