XRP's 50% rally outperforms crypto market in January — Is $4 the next stop?
XRP decoupled from the crypto market after positive regulatory developments for Ripple Labs reinforced investors' bullish conviction in the altcoin.The XRP token staged an impressive 50% rally throughout January, outperforming the wider cryptocurrency market. Technical chart patterns are now targeting a longer-term breakout above $4 in the future.
What makes XRP gain another 50%?
XRP
$3.11
rose over 50% during the past month, outperforming Bitcoin’s
$105,100
13% rally and Ether’s
$3,266
near 4% decline
Cryptocurrencies, Ripple, Bitcoin Price, XRP, Markets, United States, Ether Price
XRP, BTC, ETH, 1-month chart.
XRP token decoupled from the rest of the market due to positive regulatory developments for Ripple Labs, which received approval for its RLUSD stablecoin from the New York Department of Financial Services (NYDFS) on Dec. 10,
Another reason behind XRP’s price surge is its increased adoption by financial institutions, according to Santiment. The crypto intelligence firm wrote in a Jan. 29 post:
