After the Surge: Can XRP Maintain the $1 Support Level?
XRP price has been on a strong rally over the past week, reaching its highest level since 2021. To maintain this bullish momentum, XRP needs to hold strong support at $1.
It was a stellar week for Ripple (XRP), which surpassed all expectations and re-established the $1 mark – a milestone that XRP had not seen for more than three years. After a long period of consolidation, XRP has made a strong comeback, affirming its durability and resilience. However, the real challenge is just beginning.
A perfect combination of internal and external factors has created the momentum for this remarkable growth, not only pushing XRP past the $1 threshold but also helping it rise to sixth place, surpassing Dogecoin (DOGE). XRP’s market capitalization has also increased by more than 10%, reaching $60.45 billion.
However, the bulls will need to turn the $1 mark into a solid support zone.
XRP exchange reserves have been steadily increasing throughout the month, peaking five days ago at 3.273 billion tokens held, up 5.41% from the 3.105 billion tokens held in the first week of the month.
Notably, in the second week, as Bitcoin exploded past $90,000, leading to strong growth in many other altcoins, XRP prices remained stable. This trend is clearly reflected in the significant increase in XRP reserves on exchanges.
