PXRP has been in the news a lot lately, especially following its court case against the SEC. As one of the first coins to really take off after the initial boom of cryptocurrencies, the seeds of XRP’s labor are finally starting to bear fruit.
For the sixth consecutive day, XRP has continued to rise, if only in small increments. Despite those increments being small, they have added to a total growth of 17%. This bull run isn’t just good for investors who were looking for better returns on their investments, but this is also a good thing for the market as a whole.
XRP’s bull run comes with a substantial rise in volume, which could encourage buyers to break through the double-bottom pattern. The neckline resistance was at the $0.51 resistance level, which can eventually go much further from there.
Breaking Past the Rounding Bottom Pattern
XRP was never known as the most lucrative coin, but it is possible that it does have a chance to benefit from the overall slump that the market is in. In just six days, one of the biggest cryptocurrencies in the market has managed to reinvigorate investor sentiment, as they are all looking to make a better investment.
According to various reports, XRP is following a rounding bottom pattern throughout the daily time frame chart. This pattern essentially shows that the currency is in a bullish phase or is at least recovering. It is currently trading at $0.51 and has grown by a total of 61% in as little as a month.
This incredible growth is happening at a time when the market really needs a boost. In general, the market is struggling to rally, as prices for most major cryptocurrencies have stagnated. Therefore, this new bullish wave has reinvigorated investor sentiment.
Why is XRP improving so quickly?
XRP is quickly becoming one of the fastest-growing cryptocurrencies in the market, as it takes full advantage of its bullish phase. Despite less than favorable market conditions, XRP has been able to make an incredible impact on the overall market.
One of the reasons why it is doing so well is because of the XRP vs. SEC case, which is making the bullish market improve even more. The frustration that investors feel over the constant increases in interest rates has led to investors supporting crypto that has a chance of winning against them.
Could XRP Possibly Breakthrough $5?
It is possible, given the unique bullish conditions that XRP is facing; it is very likely that it could hit $5. However, since market conditions are not improving as well, it is safe to assume that this momentum could slow down. So it might not improve so drastically in as little time as a single month.