An unanticipated positive turnaround is currently occurring in the price of XRP as the overall digital currency ecosystem picks up growth. While the total market cap of all cryptocurrencies has grown by 1.39% per day to $1.19 trillion, according to data from CoinMarketCap, XRP is currently up 2.2% to $0.4586.
Encompassing bullish twist
Notably, XRP is not the only cryptocurrency that at this time registered an upward tick. The market recovery has been spearheaded by Bitcoin (BTC), whose price has increased by 1.72% to $29,007, while Ethereum (ETH) is trading at $1,887.29 on the back of a daily rise of 1.54%.
With an emphasis on XRP, the price rebound is seen as noteworthy and has the potential to help the community rediscover its motivation for breaking through the psychologically crucial milestone at $0.50. The key question is whether the market rebound will be long-lasting enough to allow for growth, not whether XRP has the technical capacity to print this little price spike.
The fundamental price change is different from what the renowned crypto analytics tool Glassnode predicted, as previously reported by U.Today. The short-term market pullback that was predicted by the Glassnode research, if it materialises, can halt the rise of most digital currencies, including XRPs.
XRP and numerous encumbrances
Although the price of the cryptocurrency has increased, the trading volume is still quite low and is down by more than 2.4% as of the writing of this article. Without a discernible increase in trading volume, it is possible that the price may not remain high for very long since the purchasing enthusiasm may not be proportionate to the price gain.
Updates like the one from Ledger, which will let more Android users to accept XRP on its hardware wallet, are crucial in fostering increasing usage and price rise and should be on the lookout for.
