Ripple (XRP) is making waves in the crypto community, and for good reason. The XRP is being adopted more and more by major financial institutions, such as Fidelity, which integrated the XRP token into its custody service. At the same time, Ripple has been growing its business by expanding to new markets, including Spain, Sweden, and Russia, and even partnering with large American banks like Santander.
Earlier this week, the XRP community was panicked when the price of the coin plummeted from $3.80 USD to under $2 USD within a matter of hours. This was big news for many investors. The price of XRP has sunken to $0.65 USD (about 60% lower), but there are some signs that the price could rebound.
It will be the first time that a cryptocurrency has ever reached this level, and it’s largely thanks to an influx of new investors that entered the cryptocurrency market in 2017, making XRP not only the third largest cryptocurrency, but also the fastest growing. As the XRP price has grown from $0.16 to $0.23 since the start of this year, cryptocurrency enthusiasts have been quick to celebrate and predict that it will go much higher.. Read more about is xrp a good investment 2021 and let us know what you think.
XRP, which is now priced at $1.01, has increased by more than 40% in the last week. No other currency in the top 15 by market cap has been able to match XRP’s performance.
The price of XRP may skyrocket.
In a recent tweet, Santiment mentioned the increase of over 18 percent in the last 24 hours, using On-Chain analytics:
$XRP is enjoying a+18% day on a nice decoupling from $BTC and the rest of #crypto currently. Watch for an uptick in the address activity (unique addresses interacting daily) & network growth (new addresses created), which would push this rally further.
$XRP is enjoying a+18% day on a nice decoupling from $BTC and the rest of #crypto currently. Watch for an uptick in the address activity (unique addresses interacting daily) & network growth (new addresses created), which would push this rally further. https://t.co/Yr9abjv2EW pic.twitter.com/JE44wtJBgL
August 11, 2021 — Santiment (@santimentfeed)
The last time XRP traded at the same price level was earlier in June, before losing almost half of its value in the following couple of weeks as the coin traded at a $0.70 price level during the last days of the month. Then again on July 22nd it barely traded over the $0.55 price level, akin to June 22nd when it traded around $0.52.
Since July 22nd, the price of XRP has increased by almost 100 percent, reaching $1.09. According to Santiment, a data provider, XRP seems to have acquired considerable momentum, which may lead the price of XRP to rise in a positive way.
Other important factors to consider
Aside from XRP’s technical play, the SEC’s lawsuit is presently having a significant effect on token price activity. While the litigation has had a negative impact on the value of XRP in the past, if the case continues to favor the defendant, it has the potential to bring much more good than harm to the token in the future.
Furthermore, the optics are pretty good given the sort of development Ripple, XRP’s parent firm, is experiencing all over the globe, particularly in Asia.
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