The post Two Catalysts Behind XRP Price Recent Surge to Multi-Month Highs appeared first on Coinpedia Fintech News
Despite the US Commodities Futures Trading Commission (CFTC) suing Binance, the largest cryptocurrency exchange in the world, the XRP token appears to be doing just well as its price crossed the $0.49 threshold and was followed by a significant rise in social dominance of its network.
Since last week, XRP has grown by 24%, currently trading at a five-month high of about $0.4846. Recent significant improvements on the XRP Ledger network may also be partly responsible for this positive uptrend.
The price gain started after XRP successfully broke out of a bull flag pattern, as seen on the XRP price chart. A continuation pattern known as a bull flag looks like a flag on a pole and shows a brief trend reversal after a sharp price increase. Often, a breakout follows, and the token price rises. XRP has recorded a staggering increase of 8 percent in the last 24 hours and is currently hovering near the $0.50 mark.
Attention in this situation is now on the ongoing legal battle between XRP and the US Securities and Exchange Commission. Crypto lawyer John Deaton tweeted that the decision might be expected this week. Nonetheless, Deaton thinks XRP has the best risk/reward ratio of any cryptocurrency right now. According to Deaton, who cited an XRP price of $0.45, if Ripple loses, the company will appeal, and not much would change for the time being.
The cryptocurrency market and especially Bitcoin is currently experiencing chaos after the CFTCs shocking crackdown on Binance. Ethereum momentarily dropped below $1,700 before regaining its footing as Bitcoin’s price also dropped below $27,000, leading it to lose a local support level. At the time of writing, Bitcoin is trading at $26,881 and is down by more than two percent.