Ripple (XRP) earns 20% in one week despite the SEC's protracted trial

Ripple (XRP) gains 20% in one week despite protracted SEC trial - xrp ledger 1 1140x600 1As the cryptocurrency market is not yet subject to complete regulation around the world, different scams and problems occur every day. As a result, it's not uncommon to see some cryptocurrency projects targeted by regulators for one reason or another.

The case of Ripple is quite particular in the current context. In fact, even as other cryptocurrencies continue to lose value, Ripple (XRP) managed to gain 20% of its value. A figure reached in just one week with over $ 3 billion in additional market cap, despite allegations of fraud by the SEC.

A market still in the throes of the crisis

Following the crisis experienced by the cryptocurrency world in May, the market started a downward trend that caused huge losses to investors. Despite attempts to recover, the cryptocurrency market has experienced more dips than recoveries.

While it is true that many analysts believed that The Merge, the Ethereum update, would change the market, time has not yet proved them right. In fact, immediately after the network update, the value of ETH and many other cryptocurrencies collapsed (including Bitcoin, which fell below the quotation of $ 20.000).

However, some cryptocurrencies are managing to withstand the effects of the crisis. XRP is one of the most important coins in this category. Thus, over the past few days, the cryptocurrency has not only held its position, but has also managed to rise above the $ 0,40 resistance zone.

This is a performance in stark contrast to Bitcoin (BTC) and most altcoins, which are now facing significant hurdles.

The bullish movement of the XRP token

Once it crosses the $ 0,40 area, the XRP token price appears to consolidate and hold above this resistance, which then becomes a new support. Furthermore, analysts believe that the cryptocurrency could rise further towards the $ 0,425 level.

Currently, XRP tops the ranking of the 100 most important tokens in the cryptocurrency market in terms of earnings. It recorded an increase of 6,02% in the last 24 hours and of 19,42% in the last 7 days. It is currently trading at $ 0,3953 according to CoinMarketCap data.

Looking at the movement in the price of XRP, we can see that the value of the cryptocurrency has rebounded since the last drop. It is in an uptrend and is trying to break out of the resistance around the $ 0,4215 area. For experts, once this bar is crossed, XRP could potentially aim for $ 0,48 in the near future.

Thanks to the 19,6% increase in its value over the past week, the Ripple cryptocurrency has acquired a market capitalization of more than $ 3,3 billion. In this way, it managed to go from $ 16,7 billion on September 14 to $ 20,03 billion on September 21.

According to members of the cryptocurrency community CoinMarketCap, the XRP token is highly likely to trade at an average value of $ 0,49 by the end of September 2022. A prediction that appears to strongly favor the token despite continuing legal disputes surrounding the Ripple Labs company.

Comments (No)

Leave a Reply