The XRP price has been range-bound for the past week amid the Ripple vs SEC lawsuit. Nonetheless, the price has started this week on a higher note, hinting at a likely upside run. The coin has jumped more than 5% since the start of this new week.
The total volume of XRP traded in the last 24 hours has jumped nearly 8% to $3.3 billion, indicating that more people are joining the trade. The coin has a total market capitalization of $45 billion. It is the 6th most valued digital asset in the world. It is slightly above Solana and slightly below Binance Coin.
XRP vs Bitcoin
XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. The coin was created by Ripple to be a speedy, less costly, and more scalable alternative to other digital assets.
Just like most cryptocurrencies, XRP has a close correlation with Bitcoin. Bitcoin’s price performance usually affects the price of most digital assets. Currently, the Bitcoin price has been hovering below the crucial level of $45,000, which has dampened the overall sentiment of the crypto market.
Despite the close correlation of the two coins, they are somewhat different. First, unlike Bitcoin that uses the blockchain mining concept, the Ripple network uses a unique consensus mechanism to validate transactions. On the flip side, when it comes to transactions, the two coins are similar as transactions are charged for both coins.
XRP Price Technical Outlook
On the daily chart, we can see that the XRP price has been trading sideways for the past week. It is moving below the 50-day and slightly above the 200-day moving averages. Its Relative Strength Index (RSI) is at 43, which is below stable.
Therefore, just like the SEC vs Ripple lawsuit, the Ripple price outlook seems uncertain. The bulls need to gather momentum to push the price past its 4-month high at $1.4380.