It’s pretty much been up only for XRP throughout the past few days. In fact, it’s the best-performing cryptocurrency from the top 20 by means of total market capitalization, increasing by more than 25% in the last week.
As CryptoPotato reported earlier, there are a few possible reasons for that, but perhaps the most important one is the renewed optimism that Ripple Labs will get a positive resolution of its case against the US Securities and Exchange Commission.
Many believe that XRP is on the verge of a massive bull run, so let’s examine a few important metrics that might provide additional insights.
The XRP Price Shows Strength
As mentioned above, XRP’s price managed to add more than 25% to its dollar value throughout the past seven days alone, at one point peaking above $0.56.
In doing so, it was able to reclaim three very important levels – the 50 EMA, the 100 EMA, and the 200 EMA.
Generally, when a cryptocurrency trades above its 200 EMA, it’s a sign that the market is bullish and further gains might be expected. In any case, the recent surge is an undeniable indication of renewed investor confidence, which is also showcased in some of XRP’s fundamentals.
This brings us to our next point.
Important XRP Fundamentals
Data from XRP scan shows an increase in numerous important metrics which support the most recent increase in the cryptocurrency’s price.
For example, the number of payments from one account to another has increased from 330K to almost 1.5M.
Another important metric is the number of transactions, which has also increased from 660K to almost 2M in the past month.
Last but not least, the number of new accounts activated has also charted a considerable increase from 860 to more than 1140.
Broader Market Recovery
Beyond the above, it’s also important to note that the rest of the market is also on the rise, which could contribute to an XRP price bull run.
This has so far been attributed to the unsuccessful attempt to shoot and kill US Presidential candidate Donald Trump earlier this week.
Many in the cryptocurrency community believe that this has fully solidified his chances of winning the elections. Given his renewed support toward crypto, the markets are reacting positively.
