XRP has made its mark as one of the top-performing altcoins in the week-to-date (WTD) period, coming off as the only digital currency with the highest growth rate among the top 20 by market capitalization. At a price of $0.4506, XRP has grown by more than 17% within this time frame, solidifying its bullish growth pace picked up in the trailing seven-day period.
XRP's bullish upsurge is a not a rare event, considering the fact that the cryptocurrency still exhibits the volatility that is inherent in such speculative assets. What is rare, however, is its sustenance, as we have seen over time.
Riding on its current outlook for this week, we can expect three key trends, including a major consolidation in which the price will maintain a close trading range from where it is currently trading. Second, we can expect a bearish correction as the latest buyers may choose to take profit from the gains accumulated thus far in the short term.
In all, we can also expect the price of XRP to pick up on its current form to soar in the next couple of days. The rationale here is that more impressed observers may choose to ride the bullish train by accumulating more of the cryptocurrency in the short term.
Industry support for XRP
As the biggest victim of the Ripple v. US SEC lawsuit, XRP has seen its price battered over the years in ways that have stunted its growth remarkably.
Riding on the trajectory of the case and the confidence in the chances that Ripple will beat the SEC, pro-crypto advocate and attorney John Deaton has reiterated that the XRP price may skyrocket once the legal brawl has finally been settled.
The digital currency has shed more than 45% of its value in the past year and, thus, has high potential for growth.
Yuri Molchan
Tomiwabold Olajide
Arman Shirinyan