XRP Amid the Market Downturn
The crypto world commenced the week on a bearish note, with the total crypto market cap slipping to as low as $1.18 trillion after a 1.98% drop in the last 24 hours. Numerous altcoins have been hit by this bearish trend, and XRP finds itself among them. Currently, XRP is trading at a price of $0.4857, a dip of 0.85%, thwarting its goal of a steady ascent to new peaks.
While the losses incurred appear relatively small for now, they have augmented the weekly decline by 1.74%. Diverging price movements aren’t a rare occurrence with XRP. Nevertheless, in the midst of this ongoing price drop, the cryptocurrency is showing a bullish case for growth with its remarkable trading volume. The digital currency’s buying momentum has surged by 9.15% overnight to $765 million.
Impressive Trading Volume Indicating Bullish Case for Growth
The surge in trading volume signifies numerous things, including the fact that interest in XRP as a versatile utility asset remains undeterred. While the asset’s price isn’t reflecting this bullish sentiment due to the broader market trend, reversing its growth trend from this point forward will be easier should the buying pace persist.
This increase in trading volume is testament to the fact that despite the falling prices, investors are still interested in XRP as a versatile utility asset. While the broader market trends do not reflect this bullish sentiment in the price of the asset, the growing trading volume indicates that a reversal in this growth trend could be on the horizon if the buying momentum continues.
Underpinning Fundamentals of XRP’s Growth
XRP, as an established digital currency, possesses the correct foundational technology to foster a positive outlook for the digital currency’s growth. It is engineered to enable efficient cross-border payment transactions, a feat it has accomplished excellently through Ripple’s proprietary technologies.
A major factor that market experts predict could stimulate XRP’s growth is the resolution of the ongoing Ripple vs. SEC legal battle. If the much-anticipated summary judgment favors Ripple Labs and XRP, there’s a high probability that the cryptocurrency might ignite a significant solo run, as this will draw more investors to XRP.
The innovative smart contract developments being driven by the XRP Ledger also serve as a potential catalyst that could fuel growth in the mid to long term.
