Investors flock to XRP injecting $8.8 billion into its market cap in 30 days
XRP is one of the top-performing cryptocurrencies in recent weeks, thanks to the ongoing legal battle between Ripple and the SEC. The token has attracted a lot of investor interest, resulting in a massive increase in its market cap and price. XRP is now aiming for the $1 mark, but it faces some challenges along the way. The outcome of the lawsuit could be a major catalyst for XRP's future performance.
How much did XRP's market cap grow in 30 days?
According to Cryptonews and Finbold, XRP recorded an inflow of about $8.85 billion in market capitalization within a month. By press time, the token market cap stood at $26.93 billion, representing a growth of about 49% from the $18.07 billion recorded on March 17, according to CoinMarketCap data.
How high did XRP's price go in 30 days?
XRP broke the elusive $0.50 resistance position that had remained unbroken for most of 2023. XRP is currently trading at $0.52, marking a notable 40% growth over the last 30 days. During this period, XRP reached its highest value of $0.57 on March 29.
What are the technical indicators for XRP?
The XRP technical analysis on TradingView is predominantly bullish. A summary of the one-day gauges aligns with the ‘buy' sentiment at 14. Moving averages are for a ‘strong buy' at 13, while oscillators remain neutral at 9.
What are the fundamental factors for XRP?
The XRP surge is possibly driven by the increasing optimism of the token community, which anticipates a favorable outcome in the ongoing legal tussle between Ripple and the SEC. The verdict of the case is anticipated to be revealed in the first half of 2023, and this speculation may be contributing to the recent boost in XRP's performance. Indeed, if the case is ruled in favor of Ripple, it is viewed as a possible bullish trigger for XRP.
What are some updates on the Ripple vs SEC lawsuit?
One area of focus has been the unsealing of Hinman documents that offer a glimpse of the SEC's initial classification of securities. In one notable recent update, Ripple's legal team has responded to the SEC's letter of supplemental authority that supported the motion for summary judgment. Ripple's lawyer, Michael K. Kellogg, filed a letter stating that the SEC's case did not provide grounds for dismissing their fair notice defense in the ongoing lawsuit.
The Bottom Line
XRP is on a roll 🚀 as it attracts more investors who inject billions into its market cap 💰. The token has broken key resistance levels 🚧 and is now eyeing the $1 milestone 🎯. The legal battle between Ripple and the SEC 🥊 could be a game-changer for XRP's future 🌟. Will XRP continue its impressive performance 🙌 or face a reversal 🙅? Stay tuned for more updates 🔔 on this exciting cryptocurrency 💎.