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Ripple is recovering in the crypto market after Ethereum and Bitcoin hit a new high record.
On February 16, 2021, the market price of XRP has reached $0.57 by an increase of 6.84% in 24 hours. Ripple's native currency XRP was having a high level of uncertainty for the past few weeks. Despite having a Scrutiny of SEC (Securities and Exchange Commission), XRP faces a surge in its value. Ripple is gaining a lot of attention since the decision of Jed McCaleb to sell coins. He sold 95 million XRP in the first week of February and 38 million on February 14, worth $56 million and $22 million, respectively. It is expected that he will be continuing the selling in further weeks also.
Ripple’s price value is on a surge since the start of the month. Last week, XRP's price decreased to reach $0.35, but it rolled up to $0.65 during the weekend, and now, it slipped a little to go $0.57. The investors are having their eye on $1, but XRP is supposed to face resistance at $0.75. It is persistent to recover from its past dip. In the past weeks, whales unloaded their assets in large volumes, but it seems to attract them again. It is evident from the sources that the addresses having 1 to 10 million XRPs have increased by 3% from February 1 to February 15. In fact, there is a gradual increase in the buying of XRP by investors since the start of the year.
The lawsuits filed against Ripple have certainly brought uncertainty, but still, it is battling with the issue to focus on the new highs. It seems that investors choose to drive the XRP to rise beyond $0.75.
As per the sources, XRP will reach $1 if the trend continues to have resistance at $0.75 for the short term. The sudden increase in its price had made the investors buy more XRP. In the future, it is expected to continue its bull trend despite having many challenges in the coming weeks.