As a result of a 10.5% increase over the course of the last week, XRP is now trading above its important resistance level of $0.65. At the moment, the token that is used for the blockchain of the cryptocurrency payment business Ripple is traded at $0.68; however, is it conceivable that it will increase to one dollar this year?
It is undeniable that XRP is following the tendencies of the larger market. According to statistics provided by CoinGecko, the leading cryptocurrency Bitcoin (BTC) has had comparable increases of 10.2% over the course of the week and is presently trading in close proximity to its all-time high of $73,737.94, which was recorded three hours ago.
The speculation that the United States Securities and Exchange Commission (SEC) was about to give its approval to spot Bitcoin exchange-traded funds (ETFs) was the original impetus for its growth.
On January 10, the Securities and Exchange Commission (SEC) gave its approval to eleven exchange-traded funds (ETFs) that are based on Bitcoin. One of these ETFs was developed by BlackRock, the biggest asset management in the world, and it has since grown to become the most popular Bitcoin investment product.
Inflows of $1 billion were received by exchange-traded funds (ETFs) on Tuesday, with BlackRock's contribution accounting for the majority of the $848 million. Consequently, this indicates that there is a rising interest among the general public in Bitcoin, and by extension, in all cryptocurrencies, which is contributing to the movement of prices throughout the market this week.
The value of XRP increased by twenty percent on Monday and continued to rise well into Tuesday. Where does the enthusiasm come from, the news? Twitter has been alerted about the consistent movement of a large number of millions of dollars' worth of XRP from Binance to wallets that are unknown. On Friday, the whale tracker @Whale_Alert identified one of the biggest transactions, which was 300,000 XRP, which is equivalent to around $204.7 million at the current pricing.
On the chart of XRP, we can see that the price has been steadily climbing higher over the majority of the month of February, with the most turbulent price movement occurring around the beginning of the month. The Relative Strength Index (RSI) for XRP is 47, which indicates that there is opportunity for more rises and that it will undoubtedly continue to follow Bitcoin's example.
