XRP Breaks $0.50 Barrier with Impressive 13% Weekly Surge

Crypto’s Price Surges

Riding the wave of a promising price of $0.523726 on CoinGecko, Ripple’s XRP cryptocurrency has generated excitement with a remarkable 24-hour surge of 6.3% and an impressive seven-day surge of 12.7%.  The surge in XRP’s value can be attributed to a series of bullish market indicators that have reignited optimism among traders.

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Read XRP and Significance of $0.50..

However, the surge in price is not the only aspect driving enthusiasm around XRP. The network activity of the XRP Network has also reached unprecedented levels. According to a tweet by Santiment, the blockchain has witnessed its second and third-largest spikes in address activity in the past two days.

The combination of the bullish price action and increased network activity sets the stage for bullish sentiment. Even Deaton tweeted about the potential price of $2 driving FOMO.

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Read CoinGape’s Story on Deaton’s Prediction..

XRP Gains, BTC, ETH Down

While a potential win for Ripple in the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC) may have played a role in this breakout move, it is worth noting that the crypto market experienced a sharp decline in Asia hours on May 31.

The global crypto market cap decreased by 1.37% to $1.14 trillion, with top cryptocurrencies Bitcoin and Ethereum tumbling 2% each. This market selloff was driven by factors such as long liquidation and macro fear.

Read CoinGape’s Latest Article On Sell Off..

Despite the broader market conditions, XRP’s impressive breakout and significant gains highlight its resilience, experiencing range of $0.4958 to $0.5272 within the past 24 hours. The rise in trading volume has been equally remarkable, with a 24-hour trading volume of $2,276,100,181, an increase of 58.04%.

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