For the past two weeks, the XRP price has been on several twists and turns. At the time of writing, it was down by 0.22% at $1.1328. Ripple’s total market capitalization has slipped 9.85% in the past 24 hours to $52.4 billion. It is ranked as the 6th largest cryptocurrency, sandwiched between Tether and Dogecoin.
The Ripple price has climbed more than 500% since the year started. XRP has jumped more than 110% in the last four weeks. The coin’s total volume traded in the last 24 hours advanced 4.70% to $6 billion. However, this is lower than the $8 billion achieved on August 16.
The altcoin has been consolidating for the past ten days. However, despite the consolidations, analysts speculate that the digital currency is on the verge of a bullish breakout similar to the one in 2017.
Ripple’s ecosystem remains under development as announced. David Schwartz, the Chief Technology Officer at Ripple, revealed that the XRPL will undergo new developments. The XRP Ledger plans to enable smart contracts on the XRPL. The upgrade will boost the XRP price as the coin will still be used as the native token.
The XRP community is closely watching the developments in the Ripple vs SEC case. Ripple is intrinsically tied to the value of XRP as it owns nearly 60% of XRP. Therefore, the outcome of the case is expected to significantly impact the Ripple price.
XRP Price Outlook
The daily chart indicates that the Ripple price has been range-bound for the past week. The digital currency hit an intraday low of $1.1073 before bouncing back. The coin formed a double bottom pattern between June and June, which explains the XRP price rally.
XRP is trading above the 50 and 200-day moving average, signaling a bullish outcome. It is also trading above the 50-day exponential moving average, reinforcing the positive trajectory further.
Therefore, the coin will likely face a minor pullback before jumping past its 3-month high at $1.3525. However, a move below the support level at $1.000 will invalidate this view.