Over the past few days, the crypto market has been going through a slump, with most major cryptocurrencies experiencing a significant drop in prices. Leading cryptocurrency Bitcoin has witnessed a noticeable price dump following negative sentiments brought by the interest rate and Binance’s regulatory concerns. However, amidst all this chaos, XRP has managed to witness a massive pump, leaving investors and crypto enthusiasts surprised and excited.
XRP Hits New High in Social Dominance
XRP, the cryptocurrency linked with Ripple Labs, has witnessed a notable rise in its social dominance recently. Its social media presence has hit a one-year high after the token surged above $0.49, a milestone not seen since November 6th. The increased social attention holds substantial significance for XRP’s market performance, potentially resulting in more erratic price fluctuations driven by heightened trading volume and mainstream interest.
In addition, Ripple has been diligently advancing its CBDC development. Recently, a whitepaper outlining various aspects of CBDC, including privacy and their interplay, was publicly shared by a working group of the Digital Euro Association (DEA). Ripple, recognized as an official DEA partner, played a crucial role in the creation of the report.
Over the past 24 hours, the worldwide crypto market has experienced a nearly 3% downturn, resulting in significant digital assets like Bitcoin (BTC) and Ethereum (ETH) losing their previous gains.
In contrast, the XRP token has persevered and continued its upward momentum. If Ripple prevails in its case against the US Exchange and Securities Commission (SEC), this could result in more surges in the token’s price.
What Lies Ahead for XRP Price?
In recent weeks, XRP has displayed an impressive price performance. Since March 21st, the cryptocurrency has surged by 30%, propelling its price to new heights. This notable rally has reignited interest from the crypto community, capturing the attention of both retail and institutional investors.
XRP has experienced consistent gains amid the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), which is anticipated to conclude by the end of March.
As of writing, XRP price trades at $0.5, with a gain of over 3.6% in the last 24 hours. Presently, the asset’s price action is positioned above both simple moving average (SMA) indicators. These range from the 50-day SMA value of $0.4 for the short term to the 200-day SMA value of $0.47 for the long term.
Analyzing the weekly price chart, the price of XRP is poised for a more bullish rally as a breakout above the crucial resistance of $0.51 will send the token above $0.58. However, a sudden bearish reversal is expected if XRP falls below $0.37 due to Bitcoin’s negative momentum.
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