{"id":543445,"date":"2023-07-20T06:18:49","date_gmt":"2023-07-20T06:18:49","guid":{"rendered":"https:\/\/wncen.com\/?p=543445"},"modified":"2024-06-11T14:38:51","modified_gmt":"2024-06-11T14:38:51","slug":"xrp-maintains-bullish-run","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-maintains-bullish-run\/","title":{"rendered":"XRP Maintains Bullish Run With Nearly 80% Rally – Is $1 Within Reach?"},"content":{"rendered":"
XRP has undergone a remarkable price upsurge, surging to more than $0.80 and witnessing an impressive 77% increase<\/a> over the past seven days in trading activity. This surge was predominantly triggered by Ripple\u2019s partial victory against the United States Securities and Exchange Commission.<\/span><\/p>\n In the court ruling,<\/span>\u00a0a 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.<\/span><\/p>\n 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.<\/span><\/p>\n Data from crypto market tracker CoinMarketCap<\/span><\/a> 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%.\u00a0<\/span><\/p>\n <\/p>\n 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.<\/span><\/p>\n 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. <\/span><\/p>\n Nevertheless, the market sentiment among traders remains bullish, which enhances the probability of XRP breaking through the resistance region.<\/span><\/p>\n <\/p>\n 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. <\/span><\/p>\n 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.<\/span><\/p>\n <\/p>\nXRP Price Surge And Market Cap Inflow Post-Ripple Vs. SEC<\/strong><\/h2>\n
XRP flashing green in all timeframes. Source: CoinMarketCap<\/pre>\n
XRP market cap currently at $44 billion. Chart: TradingView.com<\/a><\/pre>\n
XRP To Break $1 Threshold?<\/strong><\/h2>\n
XRP seven-day price action. Source: CoinMarketCap<\/a><\/pre>\n