Ripple’s native token XRP gained the most in the November bull run going from a low of $0.50 to a high of $3.3 in January this year. It spiked nearly 560% in three months delivering massive profits to investors. However, its growth stalled in January and the altcoin began heading south in the indices. It has dropped nearly 19% since the start of the year and is currently trading in the $2.64 price range.
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XRP’s run in the charts came to a halt after Trump began imposing tariffs on trade and cross-border transactions. The broader markets had a mixed reaction, leading to the stock market facing corrections. This led to a dip in the overall cryptocurrency sector, as Bitcoin fell below the psychological mark of $100,000. Bitcoin is now hovering around the $95,000 level and has not climbed above $100,000 in the last two weeks.
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Ripple: Can XRP Breach $3.3?
The latest data shows that whales have purchased a whopping 60 billion tokens this month alone. Now that Ripple’s XRP is trading below the $3 mark, can it find support and reclaim its January price range? The markets are trading sideways this month and Ripple’s native token is yet to experience a price spurt.
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The leading altcoin might not snap out of its downward streak and find it harder to breach the $3 price range. This puts more pressure on the altcoin as investors can now make profits on other cryptocurrencies. Moreover, February has historically been bad for XRP as its price has headed south every year this month.
Despite whales accumulating Ripple’s XRP, the altcoin might not breach the $3.3 level this month. However, CoinShares has recently filed for an XRP exchange-traded fund (ETF) with the NASDAQ exchange. If the U.S. Securities and Exchange Commission (SEC) approves the filing, Ripple’s native token could climb above the $3 mark. Nonetheless, the approval is not expected to happen this month.
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