Crypto price watchers in recent times finally noticed a start of a promising recovery after a very rocky start to the year.
Many crypto assets, including XRP, saw their prices rise this week. The market value of crypto has risen to $1.9 trillion, which is particularly noteworthy.
According to the FTX exchange, XRP traded at $0.74, up 12% as the eighth-most valuable crypto by market capitalization ($35.5 Billion).
As long as the bulls maintain their momentum, investors can target the high at $0.81 (January 12.)
Read: XRP drops to 60 cents as Ripple sold more than $1 billion worth of XRP in Q4 2021
The 200 four-hour Simple Moving Average (SMA) at $0.69 may provide immediate support if selling pressure increases.
A maximum supply of 100,000,000,000 XRP coins exists. 47,832,461,678 XRP coins are circulating.
Ripple’s token is being held by a growing number of investors. As of today, Ripple is being used by big banks like Bank of America, American Express, and Santander to conduct their transactions on the Ripple network.
In addition to using XRP to fund Ripple network transactions, it can also be invested in, exchanged for other cryptocurrencies.
Read: Ripple files motion to expose XRP holdings of SEC employees
As an alternative to crypto leaders such as Bitcoin (BTC) and Ethereum (ETH), Ripple has a few unique features. Using unique node lists for implementing sets and maps, Ripple’s data is gathered and compared across servers in addition to using blockchain for consensus
However, it’s critical to note that cryptocurrencies’ prices fluctuate depending on many factors, and Ripple is no exception. Investor enthusiasm is affected by a wide range of factors, including the wider market sentiment.
