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XRP price rockets above $0.55 adding over $2 billion to its market cap in a day

XRP price rockets above $0.55 adding over $2 billion to its market cap in a day

In a significant turn of events, XRP, one of the leading cryptocurrencies, has recently witnessed a notable surge, surpassing the crucial $0.55 level. 

With a remarkable 8% increase in just 24 hours, XRP’s price movement has caught the attention of market participants and crypto enthusiasts alike. 

This surge adds to the positive momentum that XRP has been gathering over the past week, with a substantial gain of 9.37%, with XRP trading at $0.5559.

XRP 1-day price chart. Source: Finbold

As a result, XRP’s market capitalization has climbed to $29.12 billion, adding over $2 billion to its market cap in a couple of hours, highlighting its significance in the crypto market.

Analyzing the XRP breakout

Renowned crypto market analyst Michael van de Poppe’s earlier reference to XRP’s crucial resistance levels adds further weight to the recent surge. 

While acknowledging the importance of the $0.55 level, van de Poppe’s previous insights revealed that XRP needed to accelerate above this mark for sustained upward momentum. 

The surge above this level presents a promising development, indicating the potential for further growth and market confidence in XRP.

Earlier on June 10, Poppe specifically emphasized the significance of the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple on XRP’s price direction. After analyzing XRP’s weekly chart, he identified a potential breakout scenario.

“If we break the resistance, I think that we can start expanding to $0.75 but most likely start expanding towards a dollar or more. To crack this resistance zone, a flip of that resistance zone is where you want to start getting into a trade,” he said. 

Meanwhile, seasoned crypto trading expert Captain Faibik confidently stated on June 5 that ‘the XRP train has left the station,’ hinting at an imminent ascent towards the significant milestone of $1.

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

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