Ripple Lab’s XRP is on course for record gains as the digital token doubled in just a week. The recent uptick in the coin’s value leads analysts to believe that it’s set to notch its highest weekly advance, beating records set three years ago.
According to TradingView’s charts, which uses Bitstamp’s pricing, XRP prices went 118% from April 5 to April 11. This marks the second-highest weekly rally for XRP during the last three years.
Note that XRP’s value skyrocketed by 215% within the span of seven days back in December 2017.
SEC claims drag XRP down
XRP ended 2020 on a weak note as it faced scrutiny from the United States Securities and Exchange Commission. This stems from allegations that Ripple Lab’s executives secured over $1.3 billion by offering unregistered XRP securities.
Nonetheless, XRP saw a monumental recovery during Q1 of 2021, in which its value soared by 600 percent. Some attribute this ascent in XRP prices to key details within the SEC case against Ripple executives.
Seasoned commodity trader and analyst Peter Brandt have closely tracked XRP prices and last week predicted that the coin might reach new record highs within the coming months.
“Possible inverted head-and-shoulders with a stunted right shoulder,” Brandt described XRP’s price action. “[This] would indicate prices a boatload higher,” he added in a tweet.
Registering all-time highs this year
A number of cryptocurrencies have set record all-time highs during the first quarter of this year. In fact, Bitcoin (BTC), the top cryptocurrency, set multiple all-time highs as it rose from $14,000 USD per coin to above the $60,000 USD mark.
Ethereum (ETH) also saw a massive spike in its value as it only traded at around $400 USD in the early days of November and is currently hovering above the $2000 USD milestone. Ripple’s XRP is following suit and is now gaining traction; all-time highs are definite possibilities for this cryptocurrency.
Based on CoinDesk’s data, XRP has a fully diluted market capitalization of roughly $140 billion, while cryptocurrency analysis firm Messari reports an actual cap of $52 billion.
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