XRP price soars to new highs after recent legal victories and relisting rumors

Wednesday 14 April 2021, 5:42 AM AEST - 2 months ago

XRP price broke out to a new multi-year high on April 13 as a surge of trading volume in the early morning hours has continued into mid-day.

Data from Cointelegraph Markets and TradingView shows that XRP registered a low of $1.42 on Tuesday before staging a 34% rally to a high of $1.88.

c4539134-a182-4a48-9783-d2b897741557.pngXRP/USDT 4-hour chart. Source: TradingView

The surge in price comes on the same day that both Bitcoin (BTC) and Ethereum (ETH) established new all-time highs as mainstream excitement for the cryptocurrency sector is on the uptrend ahead of the Coinbase direct listing on April 14.

Momentum for the XRP has been building over the past couple of weeks thanks to a series of legal victories for Ripple in its battle with the U.S. Securities Exchange Commission, along with rumors that the token may berelisted on multiple exchanges.

Ripple has also been making a marketing push to tout the various capabilities of RippleNET including the benefits of its on-demand liquidity that eliminates pre-funding of destination accounts and reduces operational costs.

According to data from Cointelegraph Markets Pro, market conditions for XRP have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

3c09f09a-8ee2-444e-9903-f5bb979f9db8.pngVORTECS™ Score (green) vs. XRP price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for XR ...

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