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The price of Ripple’s native cryptocurrency, XRP, has risen by more than 80% in the last two days, with a 40% increase in the last 24 hours itself. The cryptocurrency broke out of a three-year downtrend against Bitcoin, breaking $1.00 for the first time since 2018, and reaching a high of $1.10.
Several cryptocurrency traders and analysts took to Twitter to spotlight the coin’s sudden rise and the bullish market structure that accompanied it.
Popular trader Clantering Clark predicted for XRP to continue this surge even further.
According to data from Santiment, XRP saw an improvement in social volume in addition to the positive signals from technical indicators.
Famous Crypto trader Kaleo, took to Twitter and opined “Zero exposure here seems irresponsible” and added that it was “still very early” in the token’s price rally.
His other tweet read, XRP could further be catapulted to reach the $2 level, and that wouldn’t be surprising.
Reasons behind spontaneous uptrend
The on-chain analytics provider stated that XRP experienced a significant increase in social volume overnight, which might be triggered by a favorable result in Ripple’s continuing legal dispute with the Securities and Exchange Commission.
The organization has tried to keep its private emails out of the public sphere, according to a source, after the SEC agreed to two redactions earlier this week.
Last year, Investors suffered major losses when news of the SEC action against Ripple broke in December 2020, as XRP lost nearly 75% of its value overnight. Following the announcement of the lawsuit, several cryptocurrency exchanges, including Coinbase, delisted the cryptocurrency.
The recent rally will have recovered all the losses caused previously, for the one’s still holding the tokens.
At the time of writing, XRP is trading at $0.936.