The price of XRP plummeted from an all-time high of $3.31 to under $1, shocking investors and dealers. This surge, however, came as a welcome relief to these investors. This is due to the alt’s price rose over 40% in a week. XRP, which was one of the top weekly gainers at the time of writing. Therefore, experiencing surprisingly lesser price increases than Bitcoin, Ethereum, and even BNB (second only to Cardano).
While XRP traders are ecstatic that the alt has recovered the $1 mark for the first time in ten weeks, it will be fascinating to see how this price rise plays out for the alt, which has plummeted by more than 80% in the last cycle.
Finally, XRP has a significant market value.
When XRP was hovering around $0.5, making news, not for its price increases or metric high, but the SEC versus Ripple lawsuit, the idea of the alt regaining $1 levels seemed like a pipe dream. As XRP approaches the $1 level, concerns about the rally’s sustainability have resurfaced.
For XRP investors, the alt’s return to the overbought zone for the first time since its April price ATH was nothing short of a miracle. On the downside, because XRP is still down 69.98 percent from its all-time high, an RSI in the overbought zone might indicate that the price will drop if selling pressure builds. However, if other indicators remain stable, XRP may be able to maintain its gains. Looking at the development side of things gives XRP a lot of confidence.
XRP still is under warning
While things appeared to be going well for the sixth-ranked alt, keep an eye out for warning indicators such as a drop in active addresses or low trading candles on high prices. With XRP’s over 10% price drop on August 12, it’ll be especially vital to keep an eye on key milestones like the $0.8 mark.