XRP Maintains Bullish Run With Nearly 80% Rally – Is $1 Within Reach?

Christian Encila

1 year ago

3 mins read

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XRP has undergone a remarkable price upsurge, surging to more than $0.80 and witnessing an impressive 77% increase over the past seven days in trading activity. This surge was predominantly triggered by Ripple’s partial victory against the United States Securities and Exchange Commission.

In the court ruling, a judge acknowledged that Ripple’s institutional sales could be considered securities. However, it’s important to note that not all other sales were classified similarly. This ruling is widely perceived as a significant victory for Ripple Labs and its digital token.

Currently, XRP is edging closer to a crucial resistance level at $0.85, signaling a solid buying pressure prevailing in the market. This optimistic trend bodes well for Ripple’s medium-term prospects, suggesting favorable times for the digital token.

XRP Price Surge And Market Cap Inflow Post-Ripple Vs. SEC

Data from crypto market tracker CoinMarketCap shows that XRP is trading at $0.8368, with an impressive 5% increase observed within the last 24 hours. Over the past seven days, the crypto has experienced a substantial surge of a little over 77%.

XRP flashing green in all timeframes. Source: CoinMarketCap

This remarkable growth has coincided with an inflow of more than $16 billion to XRP’s market capitalization. Notably, the market cap has risen from $25 billion on July 12 to its current value of $44 billion, with a significant portion of this increase occurring shortly after the outcome of the Ripple-SEC court case.

Despite the remarkable surge, XRP faces a formidable resistance zone at $0.85. This region is characterized by high selling pressure and increased supply, making it challenging for the digital currency to breach this level.

Nevertheless, the market sentiment among traders remains bullish, which enhances the probability of XRP breaking through the resistance region.

XRP market cap currently at $44 billion. Chart: TradingView.com

XRP To Break $1 Threshold?

It is essential to exercise caution and consider historical patterns when analyzing price movements. Typically, after significant upward trends, crypto assets tend to undergo a consolidation or correction phase, and XRP is no exception.

Therefore, it is likely that the price will enter a short-term correction phase, accompanied by higher volatility and pullback periods, before the next notable upward movement occurs.

XRP seven-day price action. Source: CoinMarketCap

Considering the bullish momentum fueled by the positive outcome in the SEC lawsuit, XRP has a promising opportunity to surpass the highly anticipated $1 price threshold.

The favorable court ruling and the subsequent surge in price and market capitalization have significantly boosted confidence among investors and traders. If this momentum continues, it could lead to further gains for XRP in the coming days or weeks.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Visit Idaho

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.