XRP has picked bullish momentum in the 1-hour chart with a 4.7% increase. Higher timeframes seem equally bullish with the weekly and monthly chart recording a 7.8% and 154% rally, respectively.
XRP retraces in the daily chart. Source: XRPUSDT Tradingview
XRP price performance has recovered since the start of 2021 when the token experienced a severe correction. The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs for the alleged illegal sale of a security took a toll on the market.
Many exchange platforms expected the worst and delisted the token. Other Ripple deals also were negatively impacted, such as its cooperation with MoneyGram and payment corridors established with payment solution On-Demand Liquidity. These corridors are used for foreign workers to send remittances back to their home countries and other use cases based on the token.
In consequence, liquidity volumes on these platforms plummeted, but are showing signs of recovery. Monitor Liquidity Index Bot has registered a spike