The XRP price has rallied over 5 percent in the past 24 hours to trade around $0.43 on Monday. Unlike Bitcoin and Ethereum, the XRPL native coin is yet to fully recover from FTX and Alameda’s implosion. As such, a breakout from current levels could lead to a rally toward $0.49. Such a move is supported by the 200W MA that has stabilized around $0.50 since XRP hit bottom in June of last year.
However, such a move could be invalidated should the price respect the falling trend line formed in April 2021. As a result, the digital asset could correct towards $0.32, a support level respected since June last year.
According to a popular analyst on Twitter (@PrecisionTrade3), XRP price is moving in correlation with Bitcoin’s price. As such, an imminent Bitcoin correction could push XRP price towards $0.35 in the near term.
With a market capitalization of approximately $21,228,377,262 and a daily trading volume of about $1,175,276,611, the XRP market has a long way to enter the top five digital assets. Moreover, Binance’s BNB – ranked fifth by valuation – has a market capitalization double that of XRP and continues to trade in a close correlation with Bitcoin.
As a top traded digital asset, XRP has recorded to tap liquidation of approximately $2.82 million in the past 24 hours according to data by Coinglass. The high liquidation could lead to a price rally as demand for XRP increases on exchanges and OTC markets.
Meanwhile, the ongoing Ripple vs SEC lawsuit remains a huge stumbling block to the XRP price rally. Furthermore, other tokens, including LBRY, already deemed as securities by the SEC have completely failed.