Ripple (XRP) crosses $1 mark for the first time in 3 years: What’s behind the rise?
What is causing the XRP price movement?
The first and foremost reason for XRP’s recent climb is the positive trend of the entire cryptocurrency market, which seems to be leveraging XRP’s growth strategy quite well. As the market witnessed an increase with Bitcoin scaling over $93,000 and Ethereum scaling over $3,100, these two effective cryptocurrencies set the pace for the entire market. Moreover, Ripple’s legal conflict with the SEC has also competed favourably. A win in this litigation clarified things about the regulation and removed most of the ambiguity that had suffocated XRP’s performance. Other recent occurrences, such as the ratification of the joint motion for a final judgement, have, in addition, rekindled investors’ confidence. Furthermore, other geopolitical and market forces are also coming into play. l Crucial are technical factors, XRP is testing a major resistance level of $1.25. Should this level be crossed, this may stimulate further demand, pushing the price towards the next target of $1.50. If the bullish scenario were to extend, XRP may even target the highest mark of $3.84.
Is XRP capable of maintaining its enthusiasm and traction?
Considering the nature of XRP's recent behaviour, the prospects look bright. However, support will need to remain steadfast in the direction of the market to compel prices to continue increasing. It is encouraging to see that the entire crypto market seems to be in a healthy state, but XRP will need to shatter critical resistance points to reclaim the rally. The
