XRP achieved a strong recovery after the positive developments of the Ripple x SEC case
The XRP price reached a high of $ 1.91 on April 14, 2021 and altcoin is now rebounding to $ 3. During the 2017 bull run, the price reached $ 3.14. At the current pace, the price is rising in relation to the drop in turnover and resisting sales pressure.
The perfect inverse correlation that emerged suggested that funds are flowing from $ DOGE and $ XRP. This signals that the XRP will be stronger in the short term. There is a narrative focused for retail traders who buy XRP at the current price level.
XRP was traded at $ 1.35, almost 4% above yesterday’s price and trading volume fell. However, in the case of XRP, the drop in volume may be a sign of accumulation by HODLers and an increase in concentration by HODLers. Of the total inflow in digital assets, $ 233 million specifically last week, $ 33 million was directed to XRP.
The factors driving this upward flow may be the growing acceptance by institutional investors, the fear of inflation and the dynamics of prices. This, coupled with the growing social dominance of XRP, makes it likely that the price will reach the $ 2 level, helping altcoin to regain third place by replacing BNB.
XRP price chart || Source: Coinmarketcap.com
In the past week, institutional investments in XRP have doubled. This is the key to raising the price at the current high. In addition, the XRP community’s motion to intervene in Ripple’s fight with the U.S. Securities and Exchange Commission (SEC), claiming that the regulator does not represent its interests, is a positive sign for the long-term price and ROI for HODLers of XRP.
XRP is pre-mined and, although this sets it apart from Bitcoin, the long-term price appreciation makes the two assets similar in the broad sense.
Despite being more than 60% away from its ATH, current liquidity and volatility are likely to drive up the price. The XRP recovery began in early 2021, coming back from the downturn after the SEC’s $ 1.3 billion lawsuit against Ripple Labs. Since the lawsuit was opened, the price of altcoin has dropped consistently. The recovery in early April came with greater volatility. If it continues, traders’ confidence in XRP will return.