With the current positive news, prevailing sentiment around XRP, and increased participation from crypto whales, it is expected that the price will continue to rise.
The market capitalization of XRP has grown to $36 billion, coming close to Binance Smart Chain (BNB), which has a market capitalization of $37 billion. This achievement came after a big price increase that took the price to $0.68.
22% of XRP increase This indicates that it has outperformed the other top 5 cryptocurrencies over the past seven days, with Bitcoin up only 1%, Ethereum up 3% and Binance Coin up 7%. This significant uptrend was not a surprise to many market observers and investors, as technical analysis experts had been anticipating the move. Bullish chart signals combined with positive developments influencing overall market sentiment towards XRP contributed to this impressive performance.
However, it is worth noting xrp It is still a long way from its yearly high of $0.95, which is arrived in july, The increase was partly the result of a legal victory. Wave When Judge Torres ruled that the company’s sale of XRP did not qualify as a security. Shortly after the surge, the price dropped, wiping out most of the profits from the legal victory. It found support at $0.48 before starting a gradual but steady recovery. The price faced significant resistance at $0.62 for most of the last week before successfully closing the week well above this level. The closing price of around $0.66 is the first time XRP has reached that point since July. Currently at $0.68, it is up 22% in the past week and 9% today.
Potential drivers of XRP price rise
The price increase can be attributed to a series of positive events that have fueled a more optimistic outlook for the cryptocurrency. In addition to the legal victory against the SEC in July, Wave It has entered into several collaborations to strengthen its regulatory position and continues to earn investor confidence. Recently, the Financial Authority in Dubai approved companies within their jurisdiction to use XRP as a form of payment. The SEC also dropped its case against Ripple’s founder and CEO, reducing a major legal burden on the company.
#XRPLedger It has again reached a market price north of $0.68 for the first time since August 2. Highest level in 3 months $XRP went up +23% against $BTC Just in the last week. Wallet with 100K-1B $XRP Now maintain your high level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG
– Santiment (@santimentfeed) 6 November 2023
The increase in whale activity in the crypto sector has also played a significant role in driving up prices. Data from on-chain analytics firm Santiment shows that wallets holding between $100k and $1 billion are now at their highest level since October. This indicates growing institutional interest in cryptocurrencies, which significantly impacts price movements.
Positive sentiment could push XRP higher
With the current positive news surrounding XRP, prevailing sentiment, and increased participation from crypto whales, it is expected that the price will continue to rise, possibly followed by a minor retracement. If XRP maintains its upward momentum, prices could reach or surpass year’s highs in July. Such developments could also impact the market capitalization ranking of XRP, potentially overtaking its nearest rival in terms of market cap BNB.
Temitope is a writer with over four years of experience writing across various fields. He has a special interest in the Fintech and Blockchain sectors and enjoys writing articles in those areas. He has bachelor’s and master’s degrees in linguistics. When he’s not writing, he trades Forex and plays video games.
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