Ripple has been one of the best gainers in the cryptocurrency market this month. The coin has created new monthly highs and is now ranking sixth in crypto market cap listing after its market capitalization went beyond $55 billion. In just seven days, XRP’s value shot up by more than 55%.
XRP is trading at $1.27 at the time of writing after an 8.7% gain in 24 hours.
XRP Price Analysis
XRP is trading at its highest levels in the past three months. After the July 20 dip, XRP has been on a steady rise, and it is inching closer to reclaiming its all-time high. Market and buying support are very strong; hence the uptrend is sustainable for the short term.
The uptrend will lead to XRP retesting the upper resistance of $1.40. During intraday sessions in the past day, XRP went beyond $1.30 before a slight correction happened. However, the new position could position XRP for a better and stronger bull run. Hence, the new bull run could position XRP for an even massive bullish streak towards $1.45.
There are also chances that another correction could happen, after which XRP could retest $1.20 support. However, market support is poised to keep XRP trading above $1.10 at least for the short term.
The recent XRP uptrend has been attributed to the increased activity of the Ripple blockchain. A report by Santiment stated that developments in the Ripple blockchain had increased and that XRP was submitting the highest activity level in the coin’s history.
XRP whales have also resumed, and massive amounts of XERP coins are exchanging hands. The number of crypto addresses that hold over 1 million XRP tokens has increased by 4.4%, while 14 whale addresses have joined XRP since August 10. This buying support is expected to propel RP whales higher.
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