The bulls have been piling up on XRP as the cryptocurrency is yet again pushing for new highs. In addition, it is targeting a price point of $1. The coin has seen an impressive 12% weekly pump. It looks to continue its upward trajectory in the coming weeks.
In recent weeks, XRP has attracted much attention from traders and investors. This is due to its low price and strong potential for growth. The currency has seen a significant increase in liquidity. However, this is an impressive feat as cryptocurrency only accounts for 2% of the total crypto market capitalization.
Booming from recent positive external developments, XRP is currently trading for a strong $0.3899.Data from CoinGecko reveals that Ripple’s native token surged by 12% . This price surge occurred over the course of one week and two weeks.
The SEC vs. Ripple lawsuit, which commenced in December 2020, has seen a surge of optimism recently.
These papers include an address that explains how Ethereum is not considered a security under the law.
Furthermore, with this development, Ripple was granted a minor victory. In addition, it also hopes to remains high.
However, whales are becoming part of the surge in XRP’s recovery. Whale Stats a tracker of whale activity–stated that the token has breached into the top 100 most traded tokens. The rise in market and whale engagement is an indication that XRP is bouncing back after its previous market plunge.
Conclusion
With a strong technical structure and a bullish outlook, it looks like XRP has the potential to hit new highs in the near future.
Nevertheless, it has the ability to withstand bear markets with resilience. Many analysts are predicting that $1 may be well within reach for Ripple’s native token.
