XRP has not changed much this month, even with efforts to stop the unfavourable growth patterns that June has been associated with for the last ten years. Bulls in XRP are focusing on what analysts have called a long-overdue price comeback, which might enable the currency revisit its highest point of the last year, which is fixed at $0.8875, despite the stark reality.
What is XRP doing differently?
Fundamentals are usually linked to impending price growth moves while pushing for price increase. The majority of XRP Ledger developers’ efforts have not resulted in significant price increases.
Even after the Automated Market Maker (AMM) engine was made available and many operational pools appeared on the Ledger, the price of XRP has been stuck in the $0.4879–$0.5561 region for the last month.
Additionally, the Ripple escrow lockup has not had the desired effect on XRP’s price. Every month, millions of XRP are locked up in escrow and released, allowing for an ideal degree of dilution that has allowed XRP to stay up with demand for liquidity.
Market watchers are generally worried about XRP’s growth trajectory, particularly in light of the ongoing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple Labs, a related blockchain payments company.
On the XRP Ledger, more entrepreneurs are pushing for more decentralised apps (dApps) in an effort to increase XRP’s demand and, eventually, price.
Whale influence
Many analysts considered the slow growth in the price of XRP as its latent period. This is due to the fact that whale transactions, which typically see billions of XRP transferred every day, greatly favour the coin.
Analysts believe that when these fundamentals align, the price of XRP will not only surpass the $1 price barrier but also potentially retest its all-time high of $3.84.
