XRP’s value is targeting new highs, profiting from the ongoing crypto market rally, while ignoring any uncertainty around the regulatory outlook. Notably, the token broke new resistance levels amid sustained buying pressure.
Can Ripple’s coin get back $0.5?
According to the press time of January 23, XRP had a market capitalization of $21.72 billion, representing an inflow of approximately $1.04 billion in 24 hours. As of January 22, the token was controlling a market cap of $20.68 billion, according to CoinMarketCap data.
XRP one-day market cap chart. Source: CoinMarketCap
Indeed, the buying pressure acted as a catalyst for the asset to surpass the $0.40 resistance level. XRP is currently changing hands at $0.43, up around 5% daily, while the sixth-ranked digital asset by market cap on the weekly chart is up over 10%.
XRP seven-day price chart. Source: Finbold
XRP price analysis
It’s worth noting that XRP has been consolidating below $0.40 for several weeks as the Asset Securities and Exchange Commission (SEC) and Ripple failed to find any bullish triggers from the lawsuit.
To regain the $0.50 level, XRP bulls need to target $0.45. At the same time, a break below $0.40 could invalidate the asset’s bullish bias.
The increasing buying pressure in XRP has been fueled by broader market gains overall given that the asset faces uncertainty over the outcome of the Ripple and SEC lawsuit. Currently, the community awaits the final decision once all abstracts have been filed.
The gains coincide with the moment when several Ripple executives, led by CEO Brad Garlinghouse, expressed their optimism that a resolution to the issue will come in the first half of 2023.
Aside from the situation, the XRP community believes that the token has strong fundamentals from the Ripple company and its growing presence in the global financial system. The company’s technology is used by major financial institutions around the world to facilitate cross-border transactions.
In any case, the entry in XRP’s market cap of more than $1 billion in one day is a promising development for the asset at this critical juncture.
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