Momentary price increases from some of the biggest stakeholders in the digital currency ecosystem demonstrate the dynamic volatility inherent by the ecosystem at play right now. With a particular focus on XRP, data from CoinMarketCap shows that the coin is positioned to be among the top winners of the recent market movements as more funds are starting to enter its ecosystem, as seen by its trading volume projection.
At the time of writing, XRP is trading at $0.505, up as much as 4% over the last 24 hours. Although XRP is now robust, its growth has been erratic, as can be seen in the daily chart of the currency below.
The appeal of the XRP coin is its quick growth, which has caused the protocol’s trading volume, as determined by CoinMarketCap, to increase by 8% with more than $771 million moved on spot markets. If the current accumulation continues, it has the potential to significantly contribute to a major run-up in the price of XRP, utilising its eager and supportive community.
Favorable fundamentals abound
While market growth of this magnitude is frequently inaccurate in predicting a coin’s long- and short-term performance, XRP has a number of strong fundamentals that are likely to support it as it attempts to have a successful week’s end.
Positive updates on XRPL are one of these principles, and the smart contract network that it is connected to is intended to aid in the introduction of practical applications that can be used in everyday life. The trust in the XRP community over the ongoing Ripple v. SEC litigation, which has seen Judge Analisa Torres swing in favour of the coin, also lines up with XRPL promises.
