The crypto market took a gloomy turn to start the week, with the total market worth of all cryptocurrencies falling as low as $1.18 trillion after falling 1.98% over the previous 24 hours. These bear runs have had an effect on a variety of cryptocurrencies, and XRP is on par with them. The price of the XRP currency is $0.4857, down by 0.85%, crushing its goal of a constant ascent to new highs.
Even if the losses accumulated so far seem to be modest, it has extended the weekly down by 1.74%.
Divergent price movements are frequent with XRP, but despite the currency’s current price decline, its high trading volume is presenting an optimistic argument for growth. The digital currency’s buying activity has increased by 9.15% to $765 million during the course of one day.
The increase in trading activity is a sign of several things, one of which is that people are still interested in using XRP as a multifunctional utility asset. Due to the general market trend, the asset’s price does not yet represent this optimistic feeling; nevertheless, if the purchasing pace continues, it will be simpler to reverse the asset’s growth trend moving forward.
Fundamentals backing XRP growth
As a traditional digital currency, XRP has the proper underlying technology to foster the development of the digital currency. By using Ripple’s unique technology, it has done a great job of facilitating effective cross-border payment transactions.
The resolution of the legal dispute between Ripple and the SEC is one important forecast made by market professionals that may support the rise of XRP. There is a good chance that the cryptocurrency may fuel a parabolic solo run if the highly expected summary judgement is in favour of Ripple Labs and XRP since it will push consumers into XRP.
Another encouraging catalyst that might spur development in the mid- to long-term is the new smart contract ideas that XRP Ledger is championing.
