Ripple (XRP) price jumped more than 5% in the last 7 days, while other cryptocurrencies saw losses. XRP is currently trading at $0.3575, its highest level since December 16.
Since its December low, the coin has risen more than 11%. Its market cap is currently $18 billion.
Ripple is making a comeback
XRP has made a comeback in recent days. At the same time, the US dollar index, which is used to measure the value of US currency against other major fiat currencies, fell. The index fell to 103 from a year-to-date high of 115.
In most cases, the US Dollar Index (DXY) has an inverse relationship with Ripple and other cryptocurrencies. Digital currency prices tend to rise when the US dollar falls and vice versa.
The US dollar index fell along with bond performance. 10-year government bonds are down from their year-to-date high of 4.25% at 3.83%. Yields on 30-year and 2-year bonds also fell to 3.9% and 4.37%, respectively.
This development can be attributed to investors’ reaction to the positive US inflation figures. Earlier in the month, new data showed the consumer price index (CPI) fell to 7.3% in November from 7.7% in October.
And last week, news broke that Personal Consumption Expenditure (PCE) in the United States also fell, largely due to lower gasoline prices. This means that the Federal Reserve’s anti-inflation policies are working.
Additionally, the price of XRP surged due to the positive news from the ecosystem. Ripple was chosen by Palau, a small country, to help them develop their own national stablecoin. This will give Ripple Labs the opportunity to prove that their technology works.
And last week Frente Corretora, a partner of Ripple, reached an agreement with MoneyGram for money transfers. Another company, Tranglo, which Ripple partnered with in 2022, has expanded in Malaysia. The company has partnered with JP Morgan to offer payment solutions in Malaysia.
XRP Price Prediction
The price chart shows that Ripple has made a strong comeback in recent days. As the price rose, the coin managed to break above key resistance at $0.35557, the December 23rd high. The current price is also above the 25- and 50-day moving average lines, while the Relative Strength Index (RSI) is hovering near the overbought level.
Therefore, the price of XRP is likely to continue rising as buyers target the next key resistance at $0.40. This price is about 10% above current levels.
On this page we explain how to buy XRP.