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With the upward trend in the cryptocurrency market, XRP has turned its direction upwards again, gaining momentum in value since this morning. XRP has increased by more than 3.5% in the past 24 hours, starting to trade at $0.49 and approaching the significant resistance band at $0.5.
XRP Approaches Critical Resistance Levels
Despite the US inflation data released during the week surpassing expectations, the cryptocurrency market continued to rise. The leading cryptocurrency Bitcoin (BTC) managed to exceed the $26,600 level.
This rise in the cryptocurrency market has led to a partial recovery of XRP after its value losses earlier this week. XRP, which has increased by more than 3.5% in the past 24 hours, started trading at $0.49.
After falling to $0.46 earlier this week, XRP gradually started to rise again during the week and gained momentum with the market opening on the rise. With its recent increases, XRP started trading at $0.49 and approached the significant resistance band at $0.5.
The Background of the Rise
Analysts evaluating the recent situation of XRP pointed to the $0.5 level. It was stated that if the market continues to rise and XRP surpasses the $0.5 level again, the increase in value could accelerate.
On the other hand, there was no sharp increase or decrease in XRP’s 24-hour trading volumes. In addition, with the recent increases, XRP’s total market value exceeded $26.8 billion during the day.
XRP recorded a 3.5% increase in the past 24 hours and stood out as one of the prominent cryptocurrencies with high market value. Although there was no specific news flow that initiated the rise in XRP, attention was drawn to the rising trend in the market and the upcoming update on the XRPL Ledger.
Upcoming XRPL Update
One of the developments contributing to the rise in XRP was also the upcoming update on the XRPL Ledger. Ripple‘s CTO stated in an evaluation on the subject that there could be a new selling pressure in the near future, but emphasized that the update is crucial in the long term. With the upcoming update, a series of new features for XRPL, including an automatic market maker, will be activated.
