The ecosystem of digital currencies is now failing in its attempts to escape its gloomy zone. As of the time of writing, the total market value of all cryptocurrencies has fallen by 0.57% to $1.07 trillion, but XRP has made a strong attempt to support its recent ascent after soaring by 1.83% over the last 24 hours to $0.4882.
Many in the XRP community think that XRP’s decoupling from Bitcoin’s (BTC) development trajectory is necessary for the digital currency to reach its full potential in the long run. In contrast, during the last 24 hours, XRP showed increase of 1.83% while Bitcoin had a 2.1% decline.
The dramatic increase in XRP’s 24-hour trading volume relative to Bitcoin’s was another indicator of the rise in the currency’s growth. The trading volume of XRP increased by more than 82% overnight, but Bitcoin barely changed, indicating that no fresh money is now entering the most valuable digital currency.
The fact that XRP is now the only digital currency in the top 10 list with positive net growth should give bulls on the market hope for the near future.
Capitalizing on fundamentals
XRP’s rise might be seen as occurring in spite of the numerous unknowns that now surround its future. There is still time for the issue between Ripple and the US Securities and Exchange Commission (SEC) to be resolved, and there is a remote chance that the market watchdog will ultimately prevail over Ripple.
In spite of these regulatory difficulties, XRP has been growing in line with Ripple Labs’ commercial accomplishments as well as XRP Ledger’s (XRPL) technological and product developments, among other encouraging factors.
Analysts believe that XRP is still one of the most discounted cryptocurrencies, but the long-term growth prospects are promising.
