The crypto market in the last seven days has been dominated by the bares but XRP is defying these odds. For more than one week now XRP has been moving on a towering inclination and has so far gained 49% in this same time. Now the Ripple community is confident as well as the investors with demand being higher than supply on major platforms.
This high demand can be shown by the high liquidity score on major platforms according to CoinMarketCap. On the Binance platform, the coin has a score of just above 800 points out of the possible 1000. In terms of percentage, the coin has an 80% liquidity. Other major platforms are playing around the same area.
At the time of press, XRP is priced at 0.48 against the dollar. This is, however, a slight fall from the day’s high of $0.57 which is also the week’s high.
The rest of the market is bearish and basically stagnated for months. Bitcoin for instance has stagnated around the 20k mark for about six months now. It is very rare for the coin to stay in one place judging from recent history. The most Btc has gone is just above 25k for less than a day after descending back to the 20k mark zone.
Why is XRP Defying the market tread?
XRP which is a coin by Ripple is one of the first cryptocurrencies to be created. The coin has always been in the top ten despite a shaking lawsuit by SEC a few years ago. The lawsuit has been running for years keeping the fate of the coin and the organization in a very imbalanced position. However, recently the XRP lawyers were able to make an argument that anyone who knows how the law works can tell you the case was likely to be dismissed.
Just recently the case is looking to be over soon after XRP filed a petition to dismiss the case. This brought more confidence to the investors which has brought in more confidence. As a result, the prices jumped to the roof.
The coin is likely to continue with the tread considering the heavy fundamentals XRP is built on. If the general market recovers, it is likely the coin will continue enjoying the glory. The coin was already on a positive run even before the petition was filled.