XRP Price Reaches Multi-Week High Amid Market Boom: See Why

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XRP Price Reaches Multi-Week High Amid Market Boom: See Why

Last updated on May 18th, 2024 at 12:23 pm

The price of XRP has spiked over 6% consequently reaching a multi-week high amid the global crypto market boom. XRP has secured the #9 spot on the top 10 trending cryptocurrencies this week, thanks to its impressive price surge and volume boost.

The token looks to close October on an impressive note as it passed the important $0.6 resistant level. This comes following a significant rise in price by 6% over the last 24 hours.

However, XRP has returned to the level it was trading in mid-August after breaking through the important price level. Even though there seems to be movement on the part of the bears, the coin’s present view confirms that it can gain 15.27% by the end of October.

When compared to Bitcoin’s 30 days gains of 27%, that of XRP might look smaller but it is important to know that XRP performed better than other tokens in its rank including Polygon (MATIC), Stellar (XLM), and Litecoin (LTC) with 12.96%, 7.21%, and 3.78% respectively.


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Reasons behind the impressive growth

The XRP price trend in October has been triggered by several events. However, there are three of these reasons that stand out. First of all, the win against the United States Securities and Exchange Commission when the court denied its motion for an interlocutory appeal.

Secondly, the dropping of the charges by the SEC against two of Ripple’s executives, Brad Garlinghouse and Chris Larsen. The SEC had previously filed a lawsuit against the two aforementioned names for allegedly facilitating the sales of unregistered securities in the form of XRP to investors.

Lastly, the false news about the approval of the BlackRock Bitcoin ETF application and the expectation of approval soon. These three incidents might also be considered as a potential trigger for XRP’s future rise.

XRP price today

XRP price today

Source: Coinstats

Meanwhile, XRP experienced a boost in its trading volume, jumping over 131% and peaking at $2.2 billion. According to live data from Coinstats, the price of XRP today is $0.596 representing a 2.66% rise in the last 24 hours. What is more, XRP maintains its position as the #9 largest cryptocurrency with a live market cap of $31,933,412,268.574 ($31.9 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.