XRP conquers Binance USD market cap high with 8% worth surge, approaches main resistance stage
The bullish rally that came about within the early morning hours of Monday, July 18, was one other victory for XRP, which managed to climb as much as the sixth spot by market capitalization on CoinMarketCap. At $17.63 billion, XRP not solely surpasses Binance USD stablecoin but additionally its rivals Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) by many billions of dollars.
XRP’s conquest of the sixth spot is primarily resulting from a greater than 20% weekly improve within the token’s worth, 8% of which got here from the current bullish momentum. Nevertheless, that’s the consequence, not the trigger.
What prompted XRP’s outperformance?
We are able to safely assume that the drivers of XRP worth progress are each basic and technical.
Basic triggers embody the final emptying of Jed McCaleb’s pockets, who had a behavior of promoting XRP at key token worth ranges. The SEC lawsuit towards Ripple that gained momentum undoubtedly had a positive impact as nicely. Of no small notice could be the speedy growth of the XRPL ecosystem, which is actively creating and, in its personal method, selling XRP because the cornerstone of its operations.
From the technical viewpoint, we will assume that the value of XRP merely had nowhere else to fall. After the final capitulation in early June, XRP went into a protracted accumulation part within the $0.3 to $0.375 vary. With no purpose to fall additional and now not being dropped on the higher finish of the value vary, it quickly surged upward as the general crypto market rose.