XRP has joined the rise while the overall digital currency ecosystem struggles to recover from its 24-hour losses. Even if its growth is now modest, its recorded 1.12% increase to $0.4783 indicates that the favourable attitude towards the digital currency is beginning to reappear.
The United States Securities and Exchange Commission (SEC) recently cracked down on Binance and Coinbase exchanges, but despite the fact that the cryptocurrency was not recently indicted as a securities, it has still suffered significantly since the beginning of the month. XRP has lost as much as 7.7% so far in June, as the coin went below the $0.5 support level.
Its short-term objective, which can be accomplished if the purchasing momentum is maintained, is to recapture the $0.5 price level. According to statistics from CoinMarketCap, the overnight sell-off was so severe that the trading volume is still estimated to be more than 44% below average. XRP has to reverse this downward trend for the revival to reach its new objective.
Refocusing XRP utility
XRP has been emphasising on its broad usability as an anchor for its existing and future investors to stick onto despite the impact of widespread regulatory crackdowns in the U.S. XRP has recently been acquiring a lot of momentum, according to Santiment statistics, with its accumulation being equivalent to that of Bitcoin (BTC) and Ethereum (ETH).
In the larger XRP ecosystem, XRP is a key component of XRPL, whose innovation shows a more optimistic future for smart contracts. If the legal dispute between its affiliated payment company, Ripple Labs Inc., and the U.S. SEC is decided in the former’s favour, XRP is predicted to be the largest possible winner.
