The price of Ripple’s XRP token has increased by over 10% this week following a surge in network activity and investor interest.
XRP has experienced a price rise this week. Currently valued at $0.533657, XRP has seen a 1.5% increase in the last 24 hours and an impressive 10% increase over the past week.
With a circulating supply of 52 billion XRP, the coin’s market capitalization stands at $27.7 billion, according to CoinGecko.
The recent surge in XRP price follows reports that investors and traders may be accumulating bitcoin (BTC), XRP, and TradeCurve (TCRV) – three coins they feel will gain traction and strong bullish momentum.
Santiment, a leading cryptocurrency market analytics platform, recently revealed that the XRP had experienced its second and third-largest increases in address activity. This surge in network activity signifies growing user engagement and suggests an expanding user base for XRP.
Last month witnessed a key development in the ongoing litigation between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Kylie Chiseul Kim, a prominent defense attorney representing Ripple Labs, submitted a motion to withdraw from the case due to her departure from the law firm representing Ripple. This news has raised questions about the potential impact on the legal proceedings and the broader implications for Ripple’s defense strategy.
XRP currently has support levels at $0.522266 and $0.49, indicating potential price floors during market corrections. On the other hand, resistance levels for XRP are projected to be in the range of $0.53 to $0.589, potentially posing challenges for further price appreciation.
As the crypto market continues to evolve and adapt, XRP’s recent price rise, combined with the surge in network activity, provides an intriguing narrative for existing and prospective investors.