First Mover: XRP Hits Two-Month Price High in Wake of Ether Rally
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 5, 2021 Sponsored by  (Price data as of April 5 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole 
XRP Hits Two-Month Price High in Wake of Ether Rally
XRP, the cryptocurrency used in Ripple Labs' payments network, is rallying on the coattails of altcoin leader ether's recent move to record highs.
XRP rose to $0.72 early Monday to hit the highest level since Feb. 2 and was last seen changing hands near $0.70. The third-largest cryptocurrency by market value has gained 18% in the past 24 hours, according to CoinDesk 20 data.
The price rise comes three days after the Ethereum blockchain's ether token set new lifetime highs near $2100. Since then, the second-largest coin has established a foothold above $2,000, helping XRP and few other alternative cryptocurrencies such as tron, stellar, orchid, bitcoin cash, and eos score gains amid the dull action in bitcoin – the crypto market leader.
"We're not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well," Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. "Names like tron and siacoin are performing even better than XRP on this more thinly traded Easter holiday Monday."
With a move to two-month highs, XRP has now completely reversed losses suffered in December after the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple for raising $1.3 billion by selling XRP in unregistered securities offerings.
According to chart studies, the cryptocurrency's prospects look bright, one analyst said.
"XRP has formed an inverse Head & Shoulder pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents," Delta Exchange CEO Pankaj Balani told CoinDesk.  XRP's daily chart (Source: Pankaj Balani, TradingView) Balani foresees XRP rallying to $1.00 and possibly $1.30 on a breakout above the neckline resistance.
"The pattern has formed over the six months; therefore, in case of a breakout, the bullish move is expected to be quick and sustainable," Balani said in a WhatsApp chat, adding that volatility is likely to remain high due to the SEC lawsuit.
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Technician's Take by Damanick Dantes Bitcoin Fails to Break $60K; Short-Term Support Near $56K
Bitcoin (BTC) declined by about 5% during the weekend as sellers remained active at the $60,000 resistance level. The cryptocurrency stabilized at support near $56,000, but the intraday trend has weakened.  Hourly chart shows BTC $60K resistance with lower support around $54K and $56K (Source: TradingView)
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ICYMI In case you missed it, here's this past Thursday's episode of "First Mover" on CoinDesk TV:
Bitcoin Analysis, Security Tokens in Asia, NFL Player's NFTs for Anti-Hate Campaign Will it or won't it soon break through its all-time high? What analysts are saying about bitcoin's next move. Crypto markets analysis with Michael Venuto of Toroso Investments. Plus, Carlos Domingo of Securitize discusses a crypto milestone: one of Japan's largest banks is issuing the country's first security tokens. And, the only Chinese-American player in the NFL is selling NFTs for an anti-racist campaign. Rams safety Taylor Rapp joins "First Mover."
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A message from CoinDesk  CoinDesk's Christine Kim and Consensys' Ben Edgington present a weekly podcast series on the live development of Ethereum 2.0 and its potential impact on the crypto markets. In each episode, the team discusses major news events related to Eth 2.0 from addressing skepticism to the consequences of node slashing. Listen to Mapping Out Eth 2.0 every Thursday on the CoinDesk Podcast Network.
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