With its gain of 2.28% over the previous 24 hours, XRP has entered the upswing in line with the market’s overall optimistic momentum today. According to CoinMarketCap statistics, XRP is still down for the week by 0.31%; however, the increase in the daily rise is progressively reducing this deficit.
Given the strong association it currently has with Bitcoin (BTC), it is not unusual to notice the price of XRP increasing along with the general market trend. Although it is growing at a faster pace than Bitcoin at the time of writing, the sustainability of this growth trend is still very much tied to that of the larger digital currency.
Over the past several weeks, the market has exhibited sideways movement that has been characterised by a blend of bullish and bearish growth. The market is currently in this position as a result of mounting worries about a probable U.S. debt default, which has caused investors to become more cautious, particularly when it comes to risky assets like cryptocurrencies.
Notably, this obstacle is still in the distance, as are those caused by restrictions. In the short to medium term, they still have the power to influence the market and XRP’s price.
Can XRP accomplish self-sustenance?
XRP is involved in the securities case between blockchain payments company Ripple Labs Inc. and the U.S. SEC as the asset of interest, while the majority of digital currency is only having to cope with macroeconomic uncertainties from various countries.
The cryptocurrency has been able to maintain a consistent growth forecast by capitalising on the strength of its community and technology, despite the fact that more external forces are weighing down its growth than may be anticipated.
Since the case was filed, XRP has managed to support itself, and continuing to do so will be no easy task.