XRP achieved its highest weekly close since May 2018 amid the accelerating rally. The cryptocurrency XRP, affiliated with the distributed ledger company Ripple, managed to achieve its highest weekly close in 35 months.
At the time of writing, XRP is trading at $ 0.70.
Will the rally continue?
It is not yet clear whether the seventh largest cryptocurrency by market cap will be able to further expand its rally this week and overcome the technical hurdle mentioned above.
XRP reached $ 0.70 on the Bitstamp exchange shortly after printing its weekly bullish candle.
XRP reached $ 0.79 before the Flare Networks airdrop in November, but fell nearly 70 percent within a week after the U.S. Securities and Exchange Commission sued Ripple for its unregistered sales in late December.
XRP still 80 percent lower than peak
Despite its renewed rally, XRP is experiencing a near 80 percent drop from its all-time high.
Among the top cryptocurrencies, this is the second worst performing cryptocurrency in the bull market, after Bitcoin Cash (BCH), which dropped 84 percent.