- XRP price action shows a bullish outlook over the week.
- XRP price surged nearly 23% in one week, while experiencing almost 19% growth in one month.
XRP price is currently trading at $0.46349, with a nearly 4% rise in the last 24 hours. The altcoin gave a 7-day low at $0.374, while the high for the same period was noted at $0.4914. At press time, XRP placed under top-10 most traded crypto assets by market capitalization. Market dominance was nearly 2%.
Per Tradingview data, the bullish trend in XRP shows that the altcoin might make the $0.50 mark if it continues to trade above the current level. Last week, XRP surged by nearly 18% but in its daily chart, XRP slipped by nearly 4%. Despite the decline on the daily chart, XRP was moving with bullish momentum.
XRP Price Analysis
Current XRP outlook is bullish. The altcoin managed to break the previous resistance level and also surpassed the 200-day EMA in just one week. Now, it must remain above the immediate support level to sustain the bullish trend.
Additionally, the most-traded cryptocurrency by market capitalization, Bitcoin (BTC) also broke the $28,500 mark in 7 days. XRP price is currently near its resistance mark and a decline below this level might bring the bears back albeit for a short period.
The RSI is at 63, but over the past week, XRP was in the overbought zone. The altcoin already broke its 200-day EMA. Now, as the altcoin surpassed $0.45 in recent trading sessions, the next target is $0.50.
The price surge in XRP token was fueled by several positive triggers. The key factors include the ongoing Ripple vs. SEC lawsuit, new partnerships & integrations, and the growing adoption of RippleNet. RippleNet is a blockchain platform that is designed for banking institutions.
Potential future positive triggers for XRP token could include a favorable outcome in the Ripple vs. SEC lawsuit. The increased adoption of RippleNet by banks and financial institutions, its further expansion into global markets, and new partnerships or technological developments could also boost investor confidence.
At the Paris Blockchain Week Summit, Ripple President, Monica Long said “Ripple started focusing on infrastructure first because it’s the hardest problem to solve. And now, we’ve seen a real tipping point in the past few years for institutions to join the space, bringing together CeFi and DeFi.”
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.