Prices of most crypto assets saw a terrifying picture over the past week. Though a few cryptocurrencies have seen some social interest in them grow as traders are seemingly looking to get involved. XRP, the number 6 largest token, is on the list despite ongoing regulatory hiccups with the SEC.
Could the token sustain this enthusiasm now?
Riding this wave
Ripple, the developer of the XRP blockchain whose original currency is XRP, has claimed some major victories in its ongoing legal battle with the US SEC. After this, XRP performed significantly well given the optimistic meaning.
The price of XRP also performed strongly as traders remained optimistic about the settlement between Ripple Labs and the SEC. More Saniment’s insight shed light on this matter. XRP registered the highest long-to-short ratio since November 2021.
XRP increased by +17% last week, while Bitcoin [BTC] (-5%) Ethereum [ETH] (-16%) and most cryptocurrency turned down. From Holiness,
“The ongoing battles between Ripple & the SEC in regards to increased regulation has mainly led to greater optimism among traders and a high whale movement.”
Even last week, XRP saw discussions about it grow online over the past week, while discussions about other cryptoassets had dropped significantly. In particular, the price of XRP recently climbed up significantly ahead of a possible ruling on Ripple’s lengthy legal battle with the SEC.
Moreover, both development activity and trading volume repeated the same story. While the former showed a slight increase, trading volume was up more than 3.5 billion.
XRP has performed incredibly well over the past few days. In the past week alone, it gained nearly 30%, thanks to the rally from $0.32 to $0.42.
Hold this, maybe?
For a coin that ranked 7th on CoinMarketCap with a market cap of $20.16 billion, it was a remarkable increase. Looking ahead, can the bulls maintain momentum, or would range-bound price action likely continue?
Unfortunately, the 25 to 30% run is next to nothing for XRP as the cryptocurrency has lost more than 75% of its value in recent months.
To reach values close to an all-time high, XRP would need a massive 250% rally that would bring it back to the $1.38 price level.
This post XRP: Could this latest performance push the alt past $1.38?
was published first on https://ambcrypto.com/xrp-can-this-latest-achievement-push-the-alt-past-the-1-38-mark/