Ripple’s XRP has surpassed the vital $ 1.00 level for the first time in three years. The last date XRP was traded at these levels was April 2018, thanks to the current rally, it was able to test these levels again.
At the time of writing, XRP is trading at $ 0.99 with a market value of $ 4.6 billion. However, XRP has re-entered the top five cryptocurrencies in the market, outpacing Polkadot (DOT) and Tether (USDT).
Interestingly, XRP’s price rally came with its transaction volume increasing by 200% in the last 24 hours to almost $ 30 billion. Compared to last week, XRP has gained 72% and over 300% to date.
In addition, at the height of technical momentum, a catalyst behind the price increase of XRP has been its growing social volume. According to analysts at Santiment, a data analytics platform, XRP’s social volume is growing rapidly along with several other cryptocurrencies. If the technical structure of XRP remains intact and social volume remains consistently high, XRP’s momentum could potentially drive the cryptocurrency into the next major resistance zone.
In the technical charts, Ripple’s XRP broke the three-year consolidation model. Technically speaking, the next level of resistance is around $ 1.20, with a $ 2 macro sell wall leading up to December 2017.
However, although the developments are like the return of good times for XRP investors, the troubles for XRP have not disappeared completely. The SEC case filed last December 2020 still exists, but Ripple is strongly defending its claim that it did not do anything wrong. What will happen in the hearing to be held today is a matter of curiosity.