CandleFocus

XRP price breaks $1 barrier after 100% weekly surge

Author: Content Editor
XRP has experienced a significant surge in momentum, doubling its market cap in just one week. It has surpassed the $1 psychological level and reached an intraday high of $1.23 before settling at $1.15. XRP's market cap has gone from $33 billion to $66 billion in the past week. This rise can be attributed to technical indicators, legal developments, and speculation about future market conditions. Despite its strong performance, there are indications of a potential pullback, including an overbought signal and a high yearly inflation rate. Open interest in XRP/USD futures contracts has surpassed 2 billion tokens, but trader sentiment appears divided. A significant legal development occurred with 18 U.S. states filing a lawsuit against the SEC and its commissioners, which has fueled bullish sentiment. Speculation about a crypto-friendly Trump administration has also had a positive impact on XRP. Ripple Labs is preparing to launch RLUSD, a stablecoin that could revolutionize liquidity in cross-border payments and add long-term value to XRP. This stablecoin has the potential to integrate with DeFi protocols, solidifying XRP's utility-driven position and attracting both institutional and retail investors.

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