Ripple: XRP Price Climbs More Than 10% as Bulls Take Control
XRP Price has taken a steep rise since yesterday. The digital token is now trading at $0.76, a 10.31% growth in the last 24 hours. This is the largest one-day percentage gain since the market crashed on Monday.
This price increase pushed the XRP’s market cap to $36.63 billion. With 2.06% of the total market cap, XRP is currently the sixth biggest digital token today. However, this is still barely half of its highest market capitalization of $83.44 billion.
In the last 24 hours, the XRP price danced between $0.76 and $0.79. Over the past week, XRP lost around 3.94% of its total value. This way mainly due to the developing geopolitical crisis in Eastern Europe. This situation also led to the massive market-wide crash this week.
Several tokens attempted to make a comeback and recover, but XRP is among the ones which bounced back best. This may have been aided by yesterday’s developments with the SEC v. Ripple case where the presiding judge denied the SEC’s request for a Sur Sur-Reply. This development in the lawsuit was seen as a huge win for the company, and several investors jumped in and bought XRP.
For now, several analysts say that the XRP price could rise even more. If the bulls keep pushing, the digital token will likely cross above the upper boundaries and take on the resistance levels at $0.85, $0.90, and $0.95.
If the bulls can break past this resistance barrier, crypto traders can expect an initial resistance at 2000 SAT. Above this; they will need to tackle the next resistance at 2100 SAT. On the other hand, if the market succumbs to the selling pressure again, XRP may hit critical support levels at 16000 SAT.
While the bull’s movements are uncertain, there is a growing positive sentiment for the token. Ever since the lawsuit, members from the crypto space have watched XRP closely. And with the recent wins Ripple gathered, the community’s support will most likely come.