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Recently, Ripple’s 24-hour trading volume recorded a high of $18.7 million. Santiment shared the data on-chain analytics. According to the firm, monitoring this data could help in predicting some unordinary upcoming price actions. There could be various potential reasons that could have caused the sudden rise in the asset’s price.
The ongoing crypto winter has caused major destruction in the crypto market. However, Bitcoin now seems to be recovering. The recent behavior of Bitcoin is one of the most significant reasons. The top cryptocurrency reached its highest level, $24k on July 20th in over a month. As a result, XRP reached its highest level on June 24th. Experts speculate that if the price of Bitcoin goes above $25k, XRP is expected to reach $0.42.
Second, investors may have been drawn in by Ripple’s several tactical victories in the continuing case against the SEC. Ripple has had two critical positive events during the past several days. One in which the court said that the SEC was acting hypocritically. The court rejected the SEC’s attorney-client motion in the other case.
Technical Analysis Of XRP
At the time of writing, XRP was trading at $0.368, up by 3.2% in the 24-hrs period. However, in the top 10 crypto assets XRP recorded has experienced the least growth. Other altcoins such as ETH, ADA, and DOGE have recorded a rise of 34%, 15%, and 13% respectively.
Investors have been lured toward XRP by witnessing its market behavior in recent days. Moreover, their trust in the crypto market also seems to be reviving. The current fear and greed index of Bitcoin is recorded to be more than 33. On 23rd July, the total market cap of crypto increased by 3.69% reaching $1.07 trillion.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
