XRP’s recent surge in the crypto market has been attributed to its ongoing lawsuit with the SEC, as well as breaking crucial resistance levels in the last few weeks. Ripple (XRP) has become one of the top-performing cryptocurrencies in recent times, with sustained interest from investors resulting in an inflow of approximately $8.85 billion in market cap over the last month.
According to CoinMarketCap, XRP’s market cap is estimated to be around $26,521,274,557 at press time, after recording a 24-hour loss of 1.38% to change hands at $0.5132. CoinMarketCap data shows that XRP’s market cap has grown just under 49% in the last month, with its market cap standing at around $18.07 billion on 17 March 2023. This influx of buy volume has enabled XRP’s price to propel past the elusive $0.50 resistance level, which had remained unbroken for most of 2023.
XRP’s price is currently targeting the $1 price mark but still has several barriers to overcome before it can reach this milestone. The altcoin’s price will need to break above the $0.60 level next in order for it to reach $1 in the coming months. XRP’s price is in the middle of an attempt to break the next resistance level at $0.52 at press time. However, this attempt may fail given that the daily RSI has recently signaled bearishness with the daily RSI line crossing bearishly below the daily RSI SMA line.
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In conclusion, XRP’s recent surge in the crypto market can be attributed to several factors, including its ongoing lawsuit with the SEC and breaking crucial resistance levels in the last few weeks. While XRP’s price is targeting the $1 price mark, it still has several barriers to overcome before it can reach this milestone. Investors must do their own research and due diligence before making any investment decisions in the crypto market.
