XRP Looking Strong after Holding onto Gains

Ripple’s coin XRP (XRP) gained another 1% today and is at $0.522 (XRP/USD). The crypto token is outperforming many of the major coins at the moment with its gains.

XRP climbed 1.77% over the last week, which is better than many of its competitors. Ethereum (ETH) only gained 1.61%, and Toncoin (TON) lost 5.43%, while Dogecoin (DOGE) gained only 1.40%- all in that same 7-day period.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

XRP is looking up at the moment, but this has been a tough year for the coin. The major hurdle to XRP’s upward movement is the Ripple vs SEC court case. The ongoing case has put an unflattering spotlight onto Ripple as a company and XRP as a crypto coin.

Partially as a result of the negative press that comes from the case, XRP has dropped by 17.6% since the start of the year. The crypto coin could make that back up in the next few weeks, if its upward trajectory continues.

XRP Price Prediction

XRP is doing well at the moment, but it needs more than just the positive news on inflation from the CPI report that has the crypto market high at the moment. There is more news on inflation and the economy likely to come out of FOMC member Waller’s statements later today, and that could help move XRP as well.

What this coin would really benefit from is if the Ripple case were quickly resolved and no longer high in the public consciousness. Until that case ends, XRP will likely continue to struggle and have difficulty making great gains. It is being buoyed by the rest of the crypto market, though, and as that market is high, XRP will benefit.

We expect XRP to gain ground this weekend, trading well and moving past $0.55. The coin could move as high as $0.60 in the next week or so, if inflation data stays positive.

 

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles