Skip to content

Massive XRP price surge adds $3 billion to its worth in a week

Massive XRP price surge adds $3 billion to its worth in a week

Crypto investors have been enjoying a feeling of relief in the past few months amid the broader market rebound after one of the worst-ever downturns for the industry in 2022. 

One crypto token that has been attracting attention, in particular, is XRP, despite the uncertainty around its regulatory status as to whether it is classed as a security or not, while Ripple continues to fight a legal battle against the US Securities and Exchange Commission (SEC). 

Over the past week, XRP price surged nearly 12%, finally exceeding the $0.5 threshold. At press time on Wednesday, May 31, the cryptocurrency was changing hands at $0.51, up 1.58% on the day. 

At the moment, XRP is experiencing a support level of $0.48689, while the resistance threshold stands at $0.54383.

XRP 1-week price data. Source: Finbold

As a result of the price surge, XRP added roughly $3 billion to its total market cap, from $23.60 billion to $26.51 billion. 

XRP 1-week market cap chart. Source: CoinMarketCap

Interestingly, earlier this week, prominent legal expert John E. Deaton voiced his astonishment about how many crypto investors are ignoring the opportunity to acquire XRP at a relatively low price of $0.48, adding as he expects FOMO to kick in at around $2 after the lawsuit is resolved.

Why is XRP rising? 

There are several factors that contributed to the XRP’s latest surge. Most recently, the sixth-biggest cryptocurrency by market cap stole the market’s attention on May 30 after a significant spike in its network activity.

The blockchain recorded an unexpected jump in the number of daily active addresses (DAA) to 490,000 on May 27, marking the second-biggest address activity on the network. The increase came just a few months after DAA surged to an all-time high of 880,000. 

Before that, XRP’s price climbed after Ripple secured a significant victory in its legal dispute against the SEC. Specifically, on May 17, US District Judge Analisa Torres stopped the SEC in its attempts to seal the so-called ‘Hinman documents’ – which refer to the securities regulator’s internal communications that include comments by former Division Director William that Bitcoin (BTC) and Ethereum (ETH) were not securities.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.