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- XRP has topped the gainers list, increasing by 7% in the last day to reach $0.527.
- XRP attorney John Deaton expresses confidence that numerous individuals will purchase XRP.
Before the market downturn in 2022, Ripple’s native token XRP was among the most appealing cryptocurrencies for investors, but it suffered a decline of over 70% in value due to unforeseen circumstances in the crypto market and the ongoing disputes with the Securities Exchange Commission (SEC). Nevertheless, XRP token prices are on the rise once more.
Recently, the price of the XRP coin surged, reaching approximately $0.53, while leading cryptocurrencies are facing a downturn. Additionally, XRP is the leading gainer, having risen 7% in the previous day to $0.527. This increase has resulted in a weekly gain of over 14%.
Is Ripple’s XRP Heading to New Heights?
The overall sentiment for Ripple now seems positive, and recent price movements indicate a bullish trend. Importantly, the cryptocurrency has sustained its upward trajectory while finding support around both the 100-day and 200-day moving averages (MA).
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Moreover, in the ongoing legal dispute between Ripple and the SEC, notable attorney for XRP holders, John Deaton, has shifted focus from legal analysis to price analysis.
Deaton confidently remarked that many individuals are likely to buy XRP at a price point of $1. More intriguingly, many will experience “FOMO” when the price of the digital asset reaches or exceeds $2. FOMO, in the context of cryptocurrency, refers to the “Fear of Missing Out.” It accurately describes how many crypto investors inject capital when they perceive a token is appreciating in value and wish to participate.
At the time of this report, XRP was trading at $0.5055 with a 24-hour trading volume of $2.25 billion, which has increased by approximately 65%. Furthermore, the price of the Ripple token has risen by more than 52% year to date.
Ripple (XRP) Price Chart (Source: Tradingview)
XRP indicates a notable bullish rally as the current price is above the MA. Additionally, the platform was charged by the SEC in 2020, and if the court rules in favor of XRP, the cryptocurrency may likely approach $1 once again.
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