XRP is one of the biggest winners in the current digital currency ecosystem, as its price has significantly recovered, rising by 6.24% to $0.5135 in the last day. The coin’s clear attempt to make up ground after dropping from a high of $0.6642 to a low of $0.4336 during the course of the previous month is highlighted by the increase of XRP.
As the currency continues its upward trajectory, there are a few growth triggers to watch as part of the ongoing rebalancing efforts.
XRP trading volume
Although it may be a very straightforward measure to monitor, it is undoubtedly significant. With a 49.98% decline in a day to $2,339,050,214, the trading volume indicates that sentiment is now poor, according to statistics from CoinMarketCap.
An increase in XRP trading volume indicates positive attitude, which might contribute to the coin’s short- to long-term growth.
XRP Ledger updates
Enhancements to the XRP Ledger (XRPL) can increase ecosystem confidence in cryptocurrencies. Recent news has surfaced regarding improvements that improve the layer-1 blockchain’s operation as well as the new, improved features that the blockchain is currently offering.
In addition to facilitating XRP payments, the XRP Ledger opens up a significant channel for the coin’s demand in DeFi systems, which eventually contributes to its price increase.
Ripple stablecoin
Recently, plans for the Ripple stablecoin were hinted at, paving the way for significant rivalry with USD Coin (USDC) and Tether (USDT). If Ripple Labs creates a significant channel to include the coin into stablecoin redemption and operations, the move should benefit XRP.
All things considered, XRP’s usefulness is poised to reach the forefront and establish a foundation of demand that may eventually propel price increase.
