The XRP token price is up more than 10% this week after an increase in network activity and investor interest.
XRP has seen a price surge this week. At its current value of $0.533657, XRP has seen a 1.5% increase in the last 24 hours and an impressive 10% increase over the past week.
With a circulating supply of 52 billion XRP, the coin has a market cap of $27.7 billion, according to CoinGecko.
The recent rally in the price of XRP came on the heels of reports that investors and traders may be accumulating Bitcoin (BTC), XRP, and TradeCurve (TCRV) — three currencies that they feel will gain traction and strong bullish momentum.
Santiment, a leading cryptocurrency market analytics platform, recently revealed that XRP has seen the second and third largest increases in address activity. This increase in network activity indicates an increase in user engagement and suggests an expansion of the user base for XRP.
The past month has seen a major development in the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).
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Kylie Chiseul Kim, a prominent defense attorney representing Ripple Labs, has filed a motion to withdraw from the case due to her departure from the law firm representing Ripple. The news raised questions about the potential impact on legal action and the broader implications for Ripple’s defense strategy.
XRP currently has support levels at $0.522266 and $0.49, which indicates a possible price floor during the market correction. On the other hand, the resistance levels for XRP are expected to range between $0.53 and $0.589, which could challenge further price increases.
As the cryptocurrency market continues to evolve and adapt, the recent rise in the price of XRP, combined with increased network activity, provides an interesting narrative for current and potential investors.