XRP Proves its “Stablecoin” Nature as the Last Crypto Standing Amidst Bloodbath


XRP price could continue its ascent after a strong flip of the US$0.397 hurdle into a support level.

XRP a stablecoin is on the rise this week. The price of XRP has risen by 20.96% in the past 7 days. The price increased by 0.59% in the last 24 hours. In just the past hour, the price grew by 1.65%. According to Coinmarketcap XRP is now ranked #7 amongst other cryptocurrencies and has a total market capitalization of $20.3 billion. Trading volume is up by 38.23% as all eyes are now on XRP as it is currently in the limelight of the crypto markets.

Ripple Labs Inc. has objected to the U.S. Securities and Exchange Commission’s suggestion that it may seek additional time and pages if other amici curiae (Latin for friends of the court) submit briefs, as the lawsuit the SEC filed in 2020 against Ripple drags on.

Whale activity tends to bring volatility to crypto markets. On September 13, investors saw a sudden spike in whale movements on Ripple (XRP). Approximately 421 million XRP valued at $379 million were believed to have been moved between exchanges during the day.

The recent update is not expected to affect prices in the near term – at least, not yet. XRP is currently trading at $0.35, up 0.40% during the day. $115 million worth of the coin had exchanged hands in the last 24 hours which is lower than the $207 million trading volume recorded the previous day.

Analysts say that XRP buyers will have a hard time pushing prices past $0.34. If multiple rejections happen at this level, we can expect prices to fall to $0.30. On the upside, the breaking of this level will open the opportunity to push gains to $0.41.

The post XRP Proves its “Stablecoin” Nature as the Last Crypto Standing Amidst Bloodbath appeared first on Analytics Insight.

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