XRP price surges at double-digit rate from Monday as major news is expected
XRP price is up 12% or more at the end of the working week. There are two reasons for the positive price movement, the first of which is directly related to the developments surrounding XRP and Ripple.
Fundamentals
Thus, the main narrative for XRP last week was the Ripple Swell conference where, in addition to representatives of the crypto industry, officials from major traditional financial corporations, be they Mastercard or Bank of America, were also present.
As the conference progressed, XRP enthusiasts were expecting big announcements, and they got them. Thus, progress was announced in the use of RippleNet and On-Demand Liquidity technologies. The tremendous growth in the use of XRP-powered technologies should help the cryptocurrency to expand even more.
That said, these are not all the announcements from the conference, according to Ripple CEO Brad Garlinghouse, and there are more to come. At the same time, the company’s litigation with the SEC is coming to a head, which is also a crucial info point.
Technics
Another upside driver this week was the technical correction in XRP price. Last week’s FTX crash caused significant damage to the crypto market, with the price of XRP plunging 27.6%. However, it is worth noting that XRP has made a much better recovery than other cryptocurrencies. For example, against bitcoin, the coin has shown an increase of around 10% these days.
