Over the past seven days, Ripple’s XRP ($2.58) has seen an eventful ride, fluctuating between $2.55 and $2.73. The token started the week with bearish pressure, dipping below $2.51 as market uncertainty loomed. However, midweek brought renewed momentum, pushing XRP to a high of $2.73 before pulling back to its current $2.56.
7 days price chart source: CoinMarketCap
The Midweek Rally: What Sparked It?
After a sluggish start, XRP found strength midweek with a significant price surge. Increased 24-hour trading volume, which jumped 14.63% to $4.73 billion, hinted at renewed market interest. This uptick coincided with broader crypto market movements, driving XRP’s short-term bullish sentiment.
Related article: Will XRP Rise After the SEC’s XRP ETF Approval Meeting?
Despite the price rally, XRP’s market cap dipped by 3.64% to $148.13 billion. This paradox signals potential profit-taking from short-term traders during the rally. Meanwhile, XRP’s circulating supply stands at 57.81 billion, with a near-total supply of 99.98 billion.
Historical Context: Far From Its Peak
XRP’s recent high of $2.73 still falls significantly below its all-time high of $3.84, recorded in January 2018. The current price remains 33.28% off that peak. However, when compared to its all-time low of $0.002802 in July 2014, the current level reflects an astronomical rise of over 91,373%.
Related article: XRP Price to Explode 400% to $13 – Top Analyst Explains How!
The near-term outlook for XRP hinges on whether it can maintain volume momentum while pushing above $2.73. If trading enthusiasm persists, the token might retest the $3 mark. However, sustained dips below $2.55 could invite stronger bearish sentiment.
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XRP’s unpredictable week reminds investors of the crypto market’s volatile nature. Will XRP reclaim its former glory, or are we in for another round of market turbulence? The next few days will reveal more. Stay tuned for more XRP action.
The post From $2.55 to $2.73: Will XRP Break Past $3 or Tumble Below $2? appeared first on FXcrypto News.
