XRP has been one of the biggest winners during the last weeks. We discuss the latest rally and what to expect next.
Market intelligence platform Santiment reports that XRP has experienced a remarkable recovery this quarter, surpassing leading altcoins and securing notable gains in daily, weekly, and hourly trading.
On-chain market intelligence platform Santiment has reported that Ripple’s XRP has built and sustained bullish momentum for two weeks straight, resulting in a surge of more than 44% in its price within that period. According to Santiment’s data, the altcoin’s daily gains have increased by over 11% at the time of their report. This bullish position has resulted in significant profits for XRP traders, with current profit-taking levels being the highest against losses since August 2021.
At the time of reporting, data from CoinMarketCap shows that XRP is currently the highest daily, weekly, and hourly gainer among the top ten most valued assets by market cap. The altcoin, currently occupying the 6th position, has unseated all its counterparts, including Bitcoin, to break out from the red zone entirely. XRP has secured 1.67% gains in the last hour and is up by 12.76% in the last 72 hours, currently trading at $0.54.
Ripple’s battle with the SEC
XRP has been the center of a legal battle between Ripple and the SEC, with the outcome yet to be determined. The market awaits the ruling judgement, but Attorney John Deaton has made a very bullish call for XRP, asserting that it presents the most attractive risk/reward ratio. If XRP is not classified as a security, many predict that a Ripple win could be the catalyst for a much-needed XRP rally.
About XRP
XRP is a digital asset created by Ripple Labs, designed to facilitate fast and secure cross-border payments. It was launched in 2012 and is currently the 6th most valued cryptocurrency by market cap. XRP is unique in that it does not rely on a proof-of-work (PoW) consensus algorithm like Bitcoin, but instead uses a consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA). XRP’s use case as a payment and settlement asset has attracted significant attention from financial institutions looking to streamline cross-border payments.
Important: This article contains affiliate links. Moreover, this article is no financial advice. Crypto assets are high risk assets. Please do your research before in investing.