The XRP price rally is currently the talk of the entire cryptocurrency market for good reason. While Bitcoin and other altcoins were struggling, XRP was enjoying a 7-day streak. The XRP price reached a 7-day high yesterday night when it touched the $0.52 level. Since then, the token has corrected lower but the bull run is still ongoing.
XRP Price Analysis Today
At the time of wiring, the price of XRP was $0.4941. The token was down by 1.87% against the USD because of an expected price correction. The bears had taken the XRP price down to the $0.4589 level where it found some support and was able to surge back to its current $0.4941 level.
It is important to note that in the last 30 days, the XRP price has moved from $0.35 to its recent high of $0.5267, indicating a major price gain. The bulk of the XRP price gains occurred over the last seven days, during which XRP has surged by 41.67% according to Coinmarketcapital. While the bears have a grip on the market at this time, technical indicators show that the XRP price will continue to rise in the coming week.
XRP Outperforms BTC
The BTC price and XRP price have trended in relative the same pattern since the beginning of September. This week, however, the bullish momentum allowed XRP to outperform Bitcoin. Meanwhile, the price of Bitcoin is currently $19,031.45. The foremost cryptocurrency per market capitalization is trading higher by 0.001% against the USD.
The rise in the price of XRP is mostly due to the bullish fundamental sentiments in the XRP community. Investors are confident that the United States Security Exchange Commission will lose its lawsuit against Ripple Labs. If this happens, the XRP token would no longer be tagged unregistered security by the SEC. The final ruling may occur any time between now and the end of 2022.