The total market capitalization of cryptocurrencies is $1.99 trillion, and the expectation of another rally has peaked. The market has been optimistic on it as well, with altcoins like Cardano, XRP, MATIC, and Dogecoin all surging in the previous week.
Following a strong upward continuation on Aug. 14, the price of XRP Price climbed to a three-month high of $1.29. XRP is one of the altcoins that has risen to the top in the recent run-up, pushed by significant whale purchasing pressure.
After breaking through the crucial $1 resistance mark on August 11, the asset entered a brief consolidation period. This is attributable to the bitcoin market’s global revival. XRP is still down 63.07 percent from its official ATH of $3.84 at its current pricing.
After a continuation of the strong increase on August 14th, the XRP price nearly rocketed to its biggest three-month high. At the time of writing, the price of XRP was trading at $1.31, an increase of 15%.
Although, after crossing above 70, the daily XRP/USD RSI prompted excessive valuation warnings. The price of XRP has recovered from its July lows, but certain indicators are pointing to a downturn in the surge. Critical support levels could be found at $0.96, $0.88, and $0.83.
While the litigation between Ripple and the Securities and Exchange Commission goes on with no end in sight and no major progress to announce, the business has been making waves in Asia.
The litigation is currently in the discovery process, and the SEC has recently filed a motion against Ripple for the production of additional slack histories.