Ripple (XRP) has surfaced as a top-performing crypto in recent weeks, with the ongoing lawsuit with the SEC playing a significant role in this surge. Furthermore, XRP’s price has also broken crucial resistance levels in the last few weeks which has garnered sustained interest from investors.
This investor interest has resulted in XRP recording an inflow of approximately $8.85 billion in market cap over the last month. At press time, CoinMarketCap shows that the remittance token’s market cap is estimated to total around $26,521,274,557. This is after XRP’s price printed a 24-hour loss of 1.38% to change hands at $0.5132 at press time.
XRP’s market cap has grown just under 49% in the last month, as CoinMarketCap data shows that the atlcoin’s market cap stood at around $18.07 billion on 17 March 2023. In addition, 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.
Currently, XRP’s price is targeting the $1 price mark. However, the asset still has several barriers to overcome before it can reach this milestone. Should XRP’s price maintain its upswing, then 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.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s price is in the middle of an attempt to break the next resistance level at $0.52 at press time. This attempt may fail, however, 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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Source: Cryptocurrency - investing.com
