According to on-chain statistics, XRP is wiggling out of a negative trend, and there is a slight positive optimism returning to the market. At the time of writing, XRP had increased by 1.31% to $0.4825, ending the more than six days of losses it had previously printed.
The newfound acceptance of cryptocurrencies, as seen by the increase in trading volume, has further fueled the success of XRP. This indicator has increased by 8% with more over $702 million moved throughout the course of the day, supporting the newfound confidence around the asset.
Its strongest supporters assert that XRP has been underpriced. The idea that the coin is undervalued has persisted in the midst of the general market decline seen so far this week, despite the fact that it is now the only altcoin with clear regulatory standing.
Numerous ecosystem fundamentals for XRP as a coin can support its growth tendencies. In addition to its legal clarity, its expanding utility on the XRPL is also noteworthy. One of the XRPL-backed startups has signed a relationship with Circle, which might expand the use of XRP on the smart contract platform.
Consolidating XRP growth
In the early hours of today, when the currency created a significant support level at about $0.47, it became clear that XRP will print a rebound. Following a protracted period of price decline, it is only normal to observe the coin pick up its speed.
The accumulation trend will now be continuously monitored because it is impossible to ignore the effect of the larger market. Even after accounting for the performance of the other currencies in the top 10 list, there is still inherent volatility. Overall, XRP appears to be forging its own course, and many traders are actively keeping an eye on the asset.
