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Is XRP's Next Surge Dependent on Market Trend?

Tue, 09/05/2023 - 17:15
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Godfrey Benjamin
XRP's growth is slowing significantly, but can broader market fuel its rally in near term?
Is XRP's Next Surge Dependent on Market Trend?
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Despite the broad-based ecosystem triggers XRP is experiencing at the moment, its price is still lagging behind important bullish thresholds, an indication of sustained bearish pressure in recent times. Per data from digital currency analytics platform CoinMarketCap, XRP is changing hands at a price of $0.5012, down by a marginal 0.20% surge in the past 24 hours.

XRP on Verge of Comeback After Losing Post-Ruling Gains

The current outlook of XRP is a testament that it has largely shed the bulk of its gains since the market's bulls went on a rampage after its nonsecurity status was declared by Judge Analisa Torres back in July. XRP is now notably charting a whole new level playing field for itself, a switch that is understandable seeing as the market trend has not been favorable to it in recent times.

While there is a general consensus that XRP is on the verge of a breakout post-ruling, the question now remains what the liftoff will be.

At a time when the healthy flow of transactions featuring the XRP coin is not enough to trigger a sustained bullish run, bulls might need to strategize and capitalize on the broader crypto market trend to break its current close trading range dormancy.

Maximizing bullish ecosystem outlook

At the moment, there has not really been any major news in the ecosystem that is directly in favor of XRP. While the expansion of USDC payment support to Solana by Visa Inc, one of America's payment giants, is a positive boost for Solana and the stablecoin, we might expect some minor subtle rub-off on XRP in the long term.

Western Union Exploring XRPL Use Cases: Details

As a token that has its own unique ecosystem, the positivity surrounding new innovations making their way onto XRP Ledger (XRPL), as well as customized upgrades, may play a more emphatic role in driving the price of the coin to a whole new high in the mid- to long term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.