Ripple (XRP) is seeing a slow and steady rise in the indices today as the market is in recovery mode. Bitcoin touched $47,000 today while Ethereum crossed the $3,300 mark. The overall market sentiments remain positive and might fuel another round of a possible hike during the week.
The year had started off on the backfoot as BTC crashed in January dragging the entire market down with it. Just when the market dusted itself from the crash, the Russia-Ukraine war made the market plummet further last month wiping away all returns of last year.
However, the price rise today comes as a breath of fresh air during turmoil giving an indication that the week might probably be farewell. Nonetheless, many believe that the market’s upward swing could just be an eyewash and there’s another dip incoming.
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Will Ripple (XRP) Breach $1 This Week?
Despite the crypto market’s sudden spike, Ripple is moving slowly in the indices and is up +3% today. It jumped from $0.82 to its day’s high of $0.87 and is looking to breach the $1 mark. For it to cross $1, XRP needs to break the $0.90 barrier and forge ahead towards its goal.
The key factor that could take Ripple to the finish line of $1 is that its 24-hour trading volume has seen a spike of +68%. The crypto is displaying bullish sentiments and day traders stand an opportunity to reap the rewards of its run. However, the market run can be short-lived due to several factors that have the ability to stunt its growth.
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Firstly, the economy around the world is not on stable grounds due to the impact of the Covid-19 induced lockdowns. Secondly, the Russia-Ukraine war is still ongoing and any drastic move can send the markets tumbling. Thirdly, reports are doing the rounds that the Feds plan to raise interest rates in the coming months. In addition, gas prices have hit the roof, and inflation in the U.S touched 7.9%, which is the highest ever since 40-years.
All these factors play a key role in deciding the market’s prospects and investors need to tread carefully. The playing field is uneven and a bull run is not on the horizon anytime soon.
Nonetheless, for Ripple to breach the $1 mark, the market needs to maintain the same momentum and not falter in the coming days. If XRP gets the same level of boost in the next three days, the crypto could cross $1. However, if the market dips, XRP is poised to dip along with it making its $1 dream a little out of reach at the moment.
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At press time, Ripple is trading at $0.86 and is up +3.26% in the 24-hours day trade. It is up +12.5% since the last 14-trading days and is also up +7.4% in the last 7-days.