Just as many expected, XRP is undergoing a correction that has reversed its growth rate by 0.44%, with the price now pegged at $0.5502. After a massive rally that saw XRP hit its monthly high of $0.58 on Oct. 24, consolidation is considered a healthy move for the asset.
At the time of writing, XRP's trading volume has tracked back by 34.31%; however, the actual volume remains elevated above $1 billion. Many traders might be sheathing their swords to permit a broader market settlement, but the greed that characterized this month's bullish rally still exists and may be activated unannounced.
XRP fundamentals back its soaring price action. As the only legal altcoin recognized as a nonsecurity in the United States, its liquidity and accessibility have increased in recent times. Additionally, long-term partners like Uphold have continued rolling out new schemes to incentivize members of the XRP community.
After coming out strong as the subject of the lawsuit between Ripple Labs and the U.S. SEC, experts have projected that XRP is still grossly underpriced when compared to other top altcoins with similar age and general market depth.
Future XRP potential underscored
With the coast clear, XRP is now positioned to take a central role in Ripple Labs-backed initiatives like cross-border remittance and settlements. In this regard, Ripple recently inked a partnership with Uphold, which will now serve as its liquidity partner in cross-border settlements.
This is in addition to the growing number of partners the firm has onboarded outside the United States as the SEC lawsuit has impaired its abilities to grow in-house. Besides payments, XRP's role is also well highlighted on XRP Ledger, as it is billed to help power up the operations of the smart contract network.
With the fundamentals surrounding it, XRP is projected to retest the $1 mark in no time.