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XRP Caps Off Its Blockbuster Week with Highest Close Since January 2018

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Mon, 04/12/2021 - 05:42
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Alex Dovbnya
XRP has scored its highest weekly close since January 2018
XRP Caps Off Its Blockbuster Week with Highest Close Since January 2018
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Ripple-affiliated XRP cryptocurrency has managed to score its highest weekly close since January 2018.

XRP
Image by tradingview.com

Over the past seven days, the embattled token has soared as much as 135 percent. It has scored its best week since early December 2017.  

At press time, XRP continues to trade above the $1.3 level that was a pipe dream for its holders just a week ago.         

Too expensive?

XRP’s stellar rally has been propelled by a string of Ripple’s legal wins in discovery fights with the U.S. Securities and Exchange Commission.       

However, as reported by U.Today, Galaxy Digital CEO Mike Novogratz warned that the token could be too expensive if there is no settlement in sight.

The token’s market cap is currently sitting above $60 billion, according to CoinMarketCap data.

Related
Ripple’s Partnership with Novatti Goes Live

Eyeing a new all-time high

Commodity trader Peter Brandt recently predicted that XRP could notch a new all-time high.

XRP is still down about 60 percent from its historic peak of $3.40 that was set on Jan. 7, 2018. This is about the same as IOTA (MIOTA), another major cryptocurrency that was flying high during the previous bull run.      

For comparison, Stellar (XLM) is only down 33 percent from its all-time high of $0.87.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.