Ripple’s XRP has capitalized on the positive shift in the market momentum in the past 24 hours and managed to increase by almost 3% in the period.
In doing so, XRP’s price is now close to $0.50 – an important technical and psychological level, and it’s important to see if it will be overtaken.
Ripple (XRP) Price Gains on Market Recovery
XRP is up 2.7% today as the broader cryptocurrency market is going through somewhat of a recovery. The trading volume increased by over 15% in the process, and the price is now challenging the pivotal level of $0.50.
This is an important psychological and technical resistance, and it’s very interesting to see how XRP will perform around it. Breaking above it could pave the way for further gains, but a rejection could spell trouble for XRP holders. In the case of the latter, you can check out two critical support levels in our most recent XRP price analysis.
In essence, the broader market recovery is likely to be one of the reasons for XRP’s increase in the past 24 hours.
Also, if you’re eager to find out how XRP will perform throughout the next bull market, we’ve asked ChatGPT about it and made a very comprehensive video that you can find here:
Important Upgrade for XRPL On the Way
As for reason number two, there’s an important upgrade coming for the XRP Ledger. As CryptoPotato reported yesterday, there’s a debate on whether this upgrade could increase (or decrease) the XRP price. So far, Ripple’s CTO seems to believe that it’s possible for short-term selling pressure to be observed, but in general, the overall impact should definitely be beneficial.
That said, the upgrade indeed seems like an important one. It’s set to introduce two critical features for XRPL. Namely, these are the automated market maker and the clawback feature. You can find out more about them here.
And last (and probably least) is a recent announcement by Bitstamp. The exchange is temporarily boosting XRP APYs for those who lend it on their platform.