Ripple seems to gain big amid the recent cryptocurrency outlook that had bulls dominating. The digital coin managed to register monthly highs as its market capitalization rose to over $45 billion. With that, the asset ranks sixth as far as the market cap is concerned.
Meanwhile, alternative coins have registered impressive gains over the previous sessions. XRP was among the cryptos with the best performance among the top ten.
XRP surged 9.3% over the past 24 hours to trade around $0.918.
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Price Analysis
Keep in mind that the alternative coin stays 96% up from its July lows. Meanwhile, the asset showed resilience following the massive May market crash, maintaining over $0.50. Increased losses beneath this level could translate to devastating price drops.
The recent reactions had the crypto breaking multiple resistances. The past 24 hours sessions supported XRP’s increases as the coin managed to trade over $1.03 before slight retreats surface. That way, Ripple’s token trades near $0.98. With magnified bulls’ actions, XRP might move to the $1.20 level before surging towards $1.60.
The XRP market shows high buyers’ actions. With such an attitude, the altcoin will likely maintain its bullish outlook. However, in cases where the entire crypto market witnesses reverse, XRP might drop, heading to $0.92 lows before another bullish move. RippleNet continues to see increased adoption among Southeast Asian remittances. For instance, RippleNet partnered with a South Korean remittance firm GME Remittance recently. The partnership via SCB (Siam Commercial Bank) will profit more than 184,000 Thais living in South Korea. Ripple reported that RippleNet transactions surged by 130% YOY.
Keep in mind that XRP has registered gains despite the ongoing case between the US SEC and Ripple. For now, analysts speculate on internal agreements between the parties. That is after Ripple officials filed a debate to cap William Hinman’s deposition exhibits.
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Do you think that XRP will enjoy extended rallies? You can share your opinions below.
