Ripple (XRP) had a good summer of price action and buying volume as the current third-largest cryptocurrency by market cap remains up by 47% over the past 30 days.
XRP Price Analysis
This trend may continue in the coming days or weeks as technical analysts noted that XRP has formed solid support at the $0.2750 level and has broken the 100-week simple moving average (SMA) for the first time since November 2018.
As for the trading volume for the past 30 days, a 41% increase has been recorded, based on CoinGecko’s data. This is higher in comparison to the ones recorded by XRP during the 2017 bull run.
SMA and exponential moving average (EMA) as shown in the above chart show a signal for a bullish trend. Priced at $0.28 at the time of writing, the price still maintains to consolidate as its current upward trend started in the first half of August following the July rally.
Ripple had started a steady recovery above the $0.2800 level against USD. In the last few days, XRP had broken through the resistance at $0.2850 and $ 0.2920. With the current XRP price, it is now likely to continue higher towards the $0.2950 and $0.3000 resistance level.
XRP New Use Cases, Rise on Sales
XRP’s positive price movement might be influenced by the contribution of the asset to the development of CBDCs and stablecoins, as mentioned by Emi Yoshikawa, senior director of global operations at Ripple in an interview.
Additionally, a new app — Ripay — is helping to promote the adoption of XRP for millions of people. Powered by the Ripple network and the XRP Ledger, it allows users to send money around the world in seconds through well-known messaging apps such as Telegram or Slack.
Also, according to its latest XRP earnings result, Ripple sold $32.55 million of its cryptocurrency asset during Q2 2020, making a 1,760% jump over its poor Q1 2020 sales figures.
Considering all these courses of events, Ripple is ranked as the 123rd fastest-growing privately-held company in the U.S by one of America’s leading business magazines. Based on Inc. 5000 2020 list, Ripple has achieved a solid growth of 3,039% over the past three years.