u.today
The crypto market has weathered its latest bearish storm, with Bitcoin (BTC) and altcoins like $XRP now above key resistance levels. At the time of writing, $XRP has outgrown the combined crypto market. While the coin is up 11.79% in 24 hours, according to CoinMarketCap, the combined crypto market cap has rallied by just 4.55% within the same period. This outlook marks a major resurgence for $XRP in its bid to reclaim its previous all-time high ($ATH).
$XRP survives biggest backlash
The past week marked a testing phase for $XRP, particularly its retail and institutional investors.
Amid the prospects of a U.S. Strategic Digital Assets stockpile, Bitcoin maximalists sought to exclude $XRP. However, Ripple CEO Brad Garlinghouse has slammed the idea, with most altcoin communities doing the same.
The fear, uncertainty and doubt (FUD) at the time triggered a massive sell-off that saw $XRP trade as low as $2.726. While not the worst sell-off it has seen in the past month, community solidarity, according to experts, shows the extent of the project’s maturity.
At writing time, the coin had jumped back above the crucial resistance level and was trading at $3.101. Returning to this level comes with new expectations for investors, with a likelihood of reclaiming its $ATH of $3.841.
Conditions right
The ecosystem appears optimal for $XRP, helping to chart its internal and external growth. Ripple Labs has continued developing new products like the RLUSD stablecoin, enhancing the $XRP Ledger (XRPL) and tokenizing to create new use cases that benefit the coin.
Ultimately, there is a growing trend among asset managers to push for an $XRP ETF. As reported earlier, Tuttle Capital has applied for a new 2X leverage $XRP ETF with the U.S. SEC.
Other investment firms like CoinShares, Canary Capital and Grayscale Investments, all with the hope of securing approval for the product. Institutional investors will flood the market if this is achieved, setting $XRP up for massive accumulation and potential price rallies.