Ripple’s XRP is one of the greatest beneficiaries of the recent crypto market bulls. The coin has managed to go to new monthly highs, with this uptrend causing a surge in XRP’s market cap, which is now above $45 billion. Ripple is currently ranking sixth in market cap, and it is among the best-performing tokens in the top-ten list.
XRP is trading at $0.981 at the time of writing after a 9.3% gain in 24 hours.
XRP Price Analysis
The Ripple token is currently 96% higher than the low created in July. When the coin crashed in May, it showed great resilience in maintaining above $0.50 because a decline further would have a devastating effect on prices.
XRP has broken several resistance levels, and in intraday trading sessions during the past 24 hours, it has managed to go to $1.03 before slightly retreating to the current levels of $0.98. If XRP bulls kick in again, we could see the coin head to $1.20 before gearing for another uptrend to $1.60.
Market support is strong, and so is buyer support. In this case, XRP’s bullish sentiment will hold for a while. However, if the overall trend across the broader market reverses, we could see XRP heading towards a low of $0.92 before gearing for another bull rally.
RippleNet is making great strides in gaining adoption amongst remittance forms in Southeast Asia. RippleNet recently partnered with GME Remittance, one of the largest remittance firms in South Korea. This partnership through the Siam Commercial Bank (SCB) will benefit over 184,000 Thailand nationals in South Korea.
In the announcement, Ripple also mentioned that the number of transactions made via RippleNet had increased by 130% year-over-year.
Regarding the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), Ripple’s executives have filed a motion to seal the exhibits of William Hinman’s deposition. This has raised speculations that Ripple could be making an internal settlement with the SEC.
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