XRP finally joined the bull season recording a new 3-year high of $1.07 after spending the majority of the last three years under $0.30. XRP also managed to make it into top-5 knocking out Cardano ($ADA) and Polkadot ($DOT) to become the fourth-largest cryptocurrency by market capitalization. XRP has risen 47% over the past 24-hours and may continue to rise further with eyes set on retesting its previous ATH.
Bitcoin and most of the altcoins in the top 10 have registered a new ATH this bull season except for XRP which had a disastrous start of the year as its price tanked to a new 52-week low of $0.174. The price drop came in the wake of SEC’s lawsuit against Ripple following which many of the US crypto platforms started delisting the then 3rd largest cryptocurrency. However, the SEC lawsuit didn’t impact Ripple’s business outside the US where the majority of its remittance market exists.
XRP managed to bounce back from the lawsuit setback as its demand and use in the Asia Pacific region continued to rise with numerous Ripple ODL deals with commercial and government banks.
Would XRP Finally Set a New ATH?
XRP/BTC pair broke the key resistance point to rise over 44% in the past 24 hours. Many believe the declining market dominance of Bitcoin could make way for 2017 like the alt season which saw many altcoins rise to new ATH including XRP that has set a new record of 3.84.
The ongoing court battle of Ripple against the SEC might also have a part to play as many believe that Ripple has produced more compelling arguments in the case up until now and has a fair chance of winning the battle against the regulator which might allow exchanges to relist XRP again. One user even pointed towards COINBASE API testing XRP fueling rumors about possible relisting.