Friday, July 30, 2021
Home Crypto News Analysis Why Ripple Price Explodes To Over 100% In Seven Days

Why Ripple Price Explodes To Over 100% In Seven Days

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Ripple has been able to gain a lot with its native cryptocurrency XRP in the last few days. The XRP price has not only risen by about 100% in the previous seven days but has also touched a fresh record high in daily trading volume. Thus, XRP overtakes Tether again and makes to third place by market capitalization.

XRP on the rise

The XRP price has not moved for a long time. In the meantime, not only the Bitcoin price has exploded, but also many Defi tokens.

The recent XRP price increase could mark a turnaround for Ripple’s native cryptocurrency. A possible reason for the substantial growth is the upcoming Spark Token Airdrop, supported by the Broker eToro. 

Also Ripple announced in its latest quarterly report that the company has launched a so-called “Buy-Back program” and is buying back XRP on the public market. This approach is also known in the traditional market and usually makes prices jump.

Nevertheless, caution is currently required. After such a sharp increase in a short period, a correction becomes more and more likely. Also, you should follow the Bitcoin Price. Because in the end, BTC can end the Altcoin Party. Possible correction could occur promptly.

This is how some analysts see it and draw attention to a possible correction. Well-known trader Michaël van de Poppe believes that XRP is likely to undergo a significant correction. 

But We can expect the XRP to reach the upper limit relatively soon and reverses this level of $ 0.50 as support. At the time of writing XRP price is around 0.67 $ and if we can turn  around ($0.50) as support, that would indicate that we will have a upward continuation and more upward price movement.

Ripple still holds over 55% of all XRP and regularly sells it to market, thus investing in new Startups. The company will continue to launch its XRP holdings on the market for decades to come, thus creating additional sales pressure.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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