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XRP Outperforms Major Altcoins, Gaining 32% in One Week

Fri, 02/11/2022 - 12:48
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Tomiwabold Olajide
XRP has registered weekly gains of over 30%
XRP Outperforms Major Altcoins, Gaining 32% in One Week
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According to CoinMarketCap, the XRP price is up nearly 32% over the past seven days, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization. XRP ended up among the weekly leaders following an impressive six-day run. XRP began rallying on Feb. 4 after a streak of dull price action in January.

CoinMarketCap Data
Courtesy: CoinMarketCap Data

The XRP price rose by nearly 56% to reach highs of $0.91 on Feb. 8 amid positive sentiment around the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator claims that Ripple sold XRP as illegal securities. The token, which is used for cross-border payments, also surpassed Cardano and Solana, becoming the sixth-biggest cryptocurrency by market valuation, according to CoinMarketCap.

Among the top ten cryptocurrencies in terms of market capitalization, XRP, Avalanche, and Bitcoin take the lead, posting weekly gains of 32.79%, 26.23%, and 14.57%, respectively.

XRP price action 

XRP/USD Daily Chart, Source: TradingView

XRP saw a bearish turn after hitting resistance at $0.916. Some bulls who entered at $0.58 booked some profits. At press time, XRP is trading at $0.818, down 7.85% in the last 24 hours in line with the performance of the broader market. 

Bitcoin (BTC) and the rest of the top cryptocurrencies dropped in response to the latest consumer price index (CPI) data from the United States. The CPI has increased by 0.6% over the past month, beating analysts' expectations.

According to analysts, the markets slumped lower on the expectations that the Federal Reserve may have additional motivation to begin raising interest rates sooner due to the pace of year-over-year growth of consumer prices.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.