XRP Price Surges 262% in 30 Days: Is a Correction Coming?
Ripple is currently fighting a tough legal battle against the United States Securities and Exchange Commission. Although this uncertainty negatively affected the growth potential of the XRP market, after Donald Trump’s victory, the market situation has considerably improved. Since November 5, the price of XRP has surged by over 273.48%. Meanwhile, some crypto analysts like Maartunn advise investors to adopt a cautious approach. Why? Let’s examine! Ready?
Why Should XRP Investors Adopt A Cautious Approach?
XRP, the fifth largest cryptocurrency by market cap, in the last 30 days, has seen an astounding growth of 262.3% – nearly four times higher than the market average of 57.3%. In the last 24 hours alone, it has recorded a surge of 21.0% – the highest among the top ten cryptos, including Bitcoin (0.6%), Ethereum (2.5%), Solana (0.6%), BNB (0.5%), and Dogecoin (4.1%).
Crypto analyst Maartunn noted the surge as a leverage-driven pump. He warned about the possible correction, emphasising how a similar scenario in the past ended in a huge market correction of over 17%.
XRP Market Dynamics: An Overview
As per data, open interest in the XRP futures market has surged by over 37%. Experts view the surge as an indication of an active market scenario.
The victory of crypto-friendly leader Donald Trump in the US presidential election is the key driver that has helped the XRP market to achieve tremendous growth in such a short period. While the victory has positively impacted the broader crypto market, XRP is one of the crypros that have showed excellent performance post-election.
On November 5, the XRP price stood at $0.50313. By November 16, it touched a peak of $1.11687.
On November 21, the day US SEC Chair Gary Gensler, known for his tougher stance against the crypto industry, especially against Ripple, announced his resignation plan, the XRP price jumped sharply from $1.10064 to $1.24677. On November 22, it reached a peak of $1.47408. In the last four days, the XRP market has increased by over 35.43%.
Right now, it stands at $1.88521.
Ripple: Key Developments
A recent report revealed that Ripple invested in the XRP fund of Bitwise. The report added that the crypto company also launched its first tokenized money market fund on the XRP Ledger,
In conclusion, XRP’s meteoric rise reflects a mix of market forces, legal developments, and Ripple’s strategic initiatives.
