Ripple (XRP) Spikes 10%, Tests The $0.75 Area

June is closing with a bang for cryptos, as many of the leading coins are recovering early-month losses. Today’s key movers have been Bitcoin BTC (+4.9%), Ethereum ETH (5.58%), and Ripple XRP (+9.71%). The bullish move in Ripple has come as a surprise, with values running from $0.64 to $0.72 over the past 24-hours.

Typically, the trade of cryptos is dominated by regulations, media buzz, and cyberwarfare. However, that isn’t always the case; this morning’s news cycle has been slow and bidders aggressive. Of course, the calendar always plays a key role in the markets. With only one day left in June, we may be seeing institutional traders square up their ledgers ahead of 1 July.

There is one breaking story facing crypto that is worthy of note. Earlier, CNBC reported that Formula 1 has signed a $100 million sponsorship with Crypto.com. Apparently, Crypto.com will be an official sponsor of Formula 1’s Sprint series and establish a global F1 presence. While this isn’t a key market mover, it does suggest that the expansion of cryptocurrencies into the mainstream is still going strong.

This morning’s action has been a big bonus for Ripple bulls. Price is up and XRP is back on the cusp of $0.75.

Ripple (XRP) Retests $0.75

If you toggle the dynamic chart below to a weekly duration, then you’ll see the concerted bearish pressure toward Ripple. Right now, XRP is in the midst of a three-week losing streak and well off the all-time highs posted earlier in the spring.

My Ripple Overview: 

For Ripple, it’s important that June ends on a good note. Investors have become increasingly skittish as the SEC litigation has progressed. With a decision not due until 2022, any bids are good ones for XRP.