Ripple’s XRP token was one of the crypto market’s biggest gains over the past week. The share price rose by more than 15 percent in just seven days. Despite fears over the Federal Reserve’s policy, optimism from the SEC vs Ripple lawsuit pushed XRP price up.
Hope for the XRP prize
On Sunday, the price of the XRP token rose 3.8% to a high of $0.540. At the time, XRP was the sixth largest cryptocurrency by market capitalism. XRP is currently trading slightly lower, around $0.520, but despite the small price drop, Ripple is still holding a beautiful weekly price gain.
From a technical standpoint, XRP’s daily RSI was in the overbought region. This points to high buying pressure from retail traders. Furthermore, the funding rate moving into positive territory points to a bullish bias in the futures market. This creates higher expectations for the XRP price in the near future.