XRP Price Up by 10% as Investors Gain Confidence on the Coin
XRP price is in the green today. As of writing, XRP is trading at $0.788, up 10.24% on the day. This is the token’s largest percentage gain since the bulls pushed for an upswing on February 25.
In the past week, XRP price danced between the margins between $0.62 and $0.79. But since this upswing, the digital token narrowed this margin between $0.78081 and $0.78835.
This moved Ripple XRP’s market cap to $37.496 billion. This makes XRP the sixth-largest cryptocurrency in terms of market capitalization. However, this is still far from its all-time high of $83.44 billion.
Since the crypto market-wide crash on Monday brought by the conflict between Ukraine and Russia, XRP is now up 11.18%. This effectively pushed the token against the market trend, and it began aiming for a possible recovery.
Despite the coin being down 76.04% from its all-time $3.29 high on January 4, 2018, the coin’s future is looking great. With the quick developments in the SEC v. Ripple lawsuit that caused XRP price to fall as soon as it went public, several community members think Ripple will emerge as the victors.
This surge in XRP price is likely caused by the wrap-up of the expert discovery of the case. Add the repeated push from bears and the return of mega whales holding over 10 million XRP units on their wallets, and investors are gaining newfound confidence for the digital token.
However, the XRP price’s recovery and rise to new highs still hang on a balance. As long as the final verdict on the lawsuit is not announced, Ripple’s future is still uncertain. But with the community’s support and interest in the company, the chances that the digital token will end up in the positive is high.
For now, crypto investors aren’t likely to step in and buy XRP given the recent developments in the Russia-Ukraine conflict, but with the lawsuit coming to a close, XRP is looking good.