The cryptocurrency market is full of surprises, and analysts cannot really write off tokens that don’t perform well. It just needs a global financial development to change course and deliver quick profits none would have imagined. A similar course played out last week, sending leading cryptocurrencies like Bitcoin, Ethereum, and XRP, among others, skyrocketing in the charts. The majority of the assets delivered double-digit gains, making the portfolio of investors swell.
Also Read: XRP Could Be A Gem In The Next Bull Run: 2 Reasons To Hold
XRP on the Rise: The Bull Gets Ready to Rally
Just a week ago, Ripple’s native token fell below the $1 mark, hitting a low of $0.99. Fears were rife that the altcoin could plunge further and fall to the $0.80 zone. While traders remained skeptical about its performance, a surprise element hit the cryptocurrency markets. President Donald Trump announced that the US will consider buying a “sizeable” amount of Bitcoin. He also revealed that the US will buy other cryptocurrencies, which led to altcoins soaring.
Bitcoin went from $62,000 to $77,000 in a week, while Ethereum soared to $2,500 from $1,800. XRP has risen nearly 50% since then and is attracting bullish sentiment. An investment of $1,000 made last week in XRP has turned into $1,500 in a short period. Positivity is back in the market, and short-term traders have made phenomenal gains. If this positive momentum holds strong, XRP could climb to the $1.75 level.
The positivity is likely to continue as the US Treasury announced plans to double its long-dated bond buyback limits. This lowers long-term bond yields and can lead investors back into risk-on assets like cryptocurrencies. XRP is one of the altcoins to benefit the most from the ongoing change in development. However, the market dynamics evolve every day, and it is advised to keep an eye on the financial changes. Taking an entry at the top can lead to losses due to changes in the wind’s direction.
