California, USA – XRP closes in higher than the king of crypto, Bitcoin (BTC), and analysts consider it as a rare phenomenon. The weekly gain was 60%, increasing beyond $1.30.
XRP experienced a rally in the past few days, yet the fall shook traders as it became why the price consecutively pulled back. XRP traded at $3.31 when Ripple introduced it in the crypto market, but it continuously went lower until it reached a trading price lower than $1. Now, this digital asset continues to bounce back after hitting a target price of $1.30.
Many XRP traders were happy after reclaiming the mark in 10 weeks, which is the first time for this cryptocurrency. Aside from that, the rally also showed how the trading price got back from an 80%-drop in the past cycle. Also, it took a while since XRP was able to return to its overbought zone, which was since April.
At first, reaching the target price of over $1 was impossible because of the ongoing case between Ripple and SEC. Many traders thought the improbability of the price to reach past $1. Now, it hits this mark, and the ongoing question is whether this cryptocurrency can stay at its mark.
On another note, Bitcoin (BTC) showed a different performance, losing $2,000 in hours, as XRP increased by 60% in one week. This impressive gain compared to BTC was also why this digital asset is facing a rare occurrence.
Aside from BTC, Ethereum (ETH) also recorded a 3.03%-drop, while Litecoin (LTC) recorded a 2.05%-drop. Joining XRP as gainers are Waves gained 17%, and THORchain gained 12%.
Despite the gains in the previous weeks, XRP is still down 69.98% from its all-time high price.