XRP Bulls Aim For $1 As Crypto Advances With 12% Weekly Pump

Christian Encila

Last Updated: March 8, 2023 7:26 am

4 mins read

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XRP is currently at $0.3899 which is the result of recent positive external developments. According to CoinGecko, the native token of Ripple moved upwards by 12% in the weekly and the bi-weekly time frame.

Positive news brewed up in the US Securities and Exchanges Commission (SEC) vs. Ripple lawsuit that started back in December 2020. Just last month, Ripple was handed a small win as the SEC was ordered by a judge to hand over the Hinman documents which details the speech of the previous SEC director saying that Ethereum was not a security.

With Ripple CEO Brad Garlinghouse cautiously optimistic of the current climate about crypto, can XRP bulls reach their $1 target?

Sending Ripples Across The Market

XRP has been maintaining its spot in the hearts of many investors. Binance data shows that the token remains as the top 5 most traded on the platform just behind BNB and just above BUSD.

Image: Binance

Whales are also joining in the party. According to whale tracker WhaleStats, the token also became the top 100 of the most traded. This uptick in whale and market activity is certainly a sign that XRP is recovering from its previous market lows.

With the lawsuit coming to an end, XRP has the luxury to target higher prices for the future.

🐳 The top 4000 #BSC whales are hodling

$63,784,004 $LYO
$29,874,257 $SFP
$27,695,801 $XRP
$20,945,818 $USDZ
$20,519,180 $PALLA
$15,328,126 $MATIC
$14,681,276 $Cake
$11,255,718 $MBOX

Whale leaderboard 👇https://t.co/CnPsLVmRmh pic.twitter.com/I2ww8aqERV

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 18, 2023

$1 Target: Hittable Or Delusional?

As of writing, the token has been stuck in its current support at $0.3845 which shows a struggle between the bears and bulls. With the bears retesting the support, XRP might be in some short term pain as bulls try their best to reach the $1 mark.

The token’s price would also be determined if the company wins the lawsuit. If Ripple wins, XRP would react positively and would do the opposite if it loses the lawsuit. But with Ripple having a good chance winning, the positive market sentiment would make the token shoot up in price.

XRP total market cap at $19.7 billion on the daily chart | Chart: TradingView.com

However, the current support range has been constantly tested by bears since January 15th. Even with its high correlation with Bitcoin – which recently broke through a crucial resistance level – it may not perform as well as the other altcoins in the market.

Compared to the top gainers among the top 100 cryptocurrencies, XRP’s gains are significantly lower in the same timeframe. Investors and traders should keep an eye on the lawsuit as this would have a significant effect on XRP’s price.

Short-term, XRP presents a good short opportunity as the price could break the current support at any moment.

Featured image by The Market Periodical

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.

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