Major cryptocurrency prices are moving higher Tuesday, led by XRP, the coin that runs on the Ripple protocol, which is showing double-digit gains in Tuesday trading.
While equity markets continue to steal the headlines, one analyst said as we head into year-end an early Christmas present could be unfolding for owners of digital currencies.
“In traditional markets, it’s very common to see a stock rally leading up to the end of the year due to the increased activity in the private sector during the holidays. However, after a volatile October, combined with uncertainty surrounding Trump’s trade war and the Fed’s monetary policy, price action has been less than positive in the last few weeks,” wrote Mati Greenspan, senior market analyst at eToro.
XRP closing in on second place
XRP is leading altcoins, the cryptocurrencies other than bitcoin, higher Tuesday. Analysts are pointing to a break of its 200-day moving average, a closely watched technical indicator, for the surge, which has a single XRP XRPUSD, +9.78% coin trading at 53 cents, up 10.2%.
Elsewhere, Ether ETHUSD, +3.66% was up 3% at $212.94, Bitcoin Cash BCHUSD, +9.34% was up 7.8% at $596.60 and Litecoin LTCUSD, +2.60% had gained 2.5% at $54.45.
Bitcoin futures are trading higher Tuesday. The Cboe Global Markets November contract XBTX8, +0.23% was up 0.2% at $6,405, while the CME Group November contract BTCX8, +0.39% had added 0.3% to $6,410.