Ripple [XRP], the digital token utilized in Ripple Labs’ payment network, headed for its best weekly performance in additional than 3 years, after doubling within the past 7-days.
Prices for Ripple [XRP] are up 118% within the seven days through 11th April, consistent with CoinMarketCap, using pricing from the Bitstamp exchange. That’s the most important weekly gain since December 2017, when the token jumped 215% within a 7-day time period.
XRP struggled toward the top of 2020 as Ripple faced allegations from the United States SEC [Securities and Exchange Commission] that executives raised over $1.3 Bln via an unregistered, ongoing digital-asset securities offering.
But prices for the token have climbed 6x times this year as some traders looked via the SEC case and analysts saw bull run patterns in price charts.
Peter Brandt, an analyst with over 4 decades of experience tracking commodity markets, predicted last week that new all-time highs might be seen for the cryptocurrency within the coming months. Brandt identified a pattern in XRP’s weekly price chart that he described as a “possible inverted head-and-shoulders with a stunted right shoulder.”
The pattern “would indicate prices a boatload higher” to new all-time highs, Brandt, CEO of Factor LLC, revealed earlier on Friday.
There’s a good range of views on the way to calculate XRP’s market price, due to questions on the outstanding supply of tokens.
Ripple features a market capitalisation of about $140 Bln. CoinMarketCap.com puts the “fully diluted market cap” at $140 Bln, but the particular market cap at about $64 Bln. Messari, the crypto analysis firm, puts the “reported market cap” at $52 Bln.