Ripple (XRP) has just climbed back to No. 4 on the top of the crypto market, after its price increased volatility during the last hours.
At the time of this writing XRP is trading at $ 0.9416, accumulating a gain of 31.35% in the last 24 hours and 60.62% in the last 7 days.
Without a doubt, it is one of the cryptocurrencies that has been performing the best, but how is this possible? Here’s a situational analysis to find out.
Adoption removes negativism around Ripple
XRP took a really worrying drop in December last year, after the United States Securities Commission filed a lawsuit against Ripple Labs and its board of directors.
Despite this, after the rapid crash, the price has been continuously recovering; and by the time of this writing all those losses have been eliminated.
It seems that the financial services offered by Ripple have managed to remove the pessimistic force around the project. The services it offers have been used by relevant financial institutions such as Banco Santander.
There are now rumors that the network is being scrutinized by the central banks of France and Australia, in what may be an attempt to develop CBDCs with the service that Ripple hopes to offer very soon.
XRP price technical analysis after sharp rise
From the daily chart we can see how even though the short-term trend was bullish, it wasn’t until yesterday that the bulls really made their mark.
Now this direction was reaffirmed. For this reason we should expect the price to continue to set higher and higher lows and highs in the near future.
We are currently seeing fairly developed short-term momentum. The developing candle is already showing some bullish exhaustion. This may be making way for a small correction before moving up further.
The daily chart of the price of XRP shows a sharp rise. Source: TradingView.
Long-term trend could drive price much higher
Despite the fact that we saw this cryptocurrency in serious trouble late last year, the price never gave too negative signals, and the historical uptrend remained intact.
Now with the recent jump we are seeing a resumption of that big trend, thanks to the break of immediate resistance at $ 0.66472.
If nothing out of the ordinary happens, the price of XRP should continue to climb in the near future, probably looking to challenge the neighboring all-time high of $ 1.99.
Ripple vs US Dollar monthly chart. Source: TradingView.
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