XRP, a major altcoin, has experienced record gains, even as Russia escalates its war against Ukraine, bombing its capital Kyiv and second-largest city, Kharkiv with rockets. XRP experienced its biggest single-day gain in a week.
The price of XRP was $0.78823 at the time of writing, up 10.24%. That is the highest percentage gain since Feb 25.
Indicators turned bullish with XRP’s recent price surge. Although the key support at $0.75 has held well, the price now appears to be recovering. It will be interesting to see how far the price goes before it runs into resistance. The $0.80 and $0.96 levels should be watched closely.
Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, earlier in the day requested “all major crypto exchanges block Russian addresses.” Europe and the U.S. have banned certain Russian banks from SWIFT, which is the messaging network supporting global financial transactions.
Due to this, investors viewed the move and counter-move as “further justifying the case for blockchain products to compete with SWIFT.”
XRP investors are also hoping that the Ripple case expert discovery concludes soon.
To conduct additional depositions, U.S Magistrate, Judge Sarah Netburn granted a motion to push the discovery deadline in the case between the SEC and Ripple, a blockchain company based in San Francisco, until February 28.
As a result of the move up, the market value of XRP now stands at $37.5 billion, or 1.96% of the total crypto market capitalization. XRP’s market cap reached $83.44 billion at its peak
XRP’s value has climbed 11.18 percent over the past week. Still, XRP is currently down 76.04% from its all-time high of $3.29 reached on January 4, 2018.