As Ripple continues to battle it out in court with the U.S. Securities and Exchange Commission (SEC), XRP has emerged as a top pick among investors, gaining attracting substantial investments.
The cryptocurrency has witnessed a remarkable surge in market cap, with an influx of $3 billion over the past week alone, indicating a resounding vote of confidence from the investment community. XRP’s market capitalization currently stands at $27.9 billion, compared to the $24.9 billion recorded on May 29.
Seasoned crypto trading expert Captain Faibik, known for his insightful analysis, confidently shared on Twitter today, June 5, that ‘the XRP train’ has unequivocally departed the station, hinting at an imminent ascent towards the significant milestone of $1.
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“XRP train has already left the station, $1 soon”
Interestingly last week, crypto analyst DonAlt felt that XRP is positioned for a substantial price upswing, he noted, “XRP is a ‘smart play’ that could double to $1.”
XRP price analysis
As of the latest update, the XRP token, which finds itself at the heart of the ongoing legal dispute, was observed to be trading at a price of $0.54. This marks a 1.66% increase for the day and an impressive 11.32% surge over the course of the previous week. Analyzing its performance on a monthly basis, XRP has displayed a robust upward trajectory.
XRP is encountering a support level at $0.5062, indicating a point where buying pressure has historically prevented the price from falling further.
On the other hand, the cryptocurrency is also facing a resistance level at $0.56427, which represents a price point where selling pressure has historically halted upward movements.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
