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XRP Joins New Market Rally, Is Surge Here to Stay?

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Fri, 26/05/2023 - 8:16
XRP Joins New Market Rally, Is Surge Here to Stay?
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With the generally bullish momentum the market is charting today, XRP has joined the uptrend with its 2.28% growth over the past 24 hours. Per the data from CoinMarketCap, XRP is still down by 0.31% for the week; however, the growth in the daily upsurge is helping to gradually pare off this deficit.

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XRP Daily Chart
XRP/USD 1D Chart. Source: CoinMarketCap

It is not uncommon to find the XRP price growing in tandem with the broader market trend, considering the deep correlation it currently has with Bitcoin (BTC). Despite the fact that its rate of growth at the time of writing surpasses that of Bitcoin, the sustenance of this growth trend remains very much anchored to that of the bigger digital currency.

The market has generally been seeing sideways movement over the past few weeks in what is characterized by a mix of bullish and bearish growth. This current position of the market arose from the growing concerns about the potential U.S. debt default, sending investors into a conservative mode, especially as concerns such risk assets as cryptocurrencies.

Notably, this headwind as well as those relating to regulations are still on the horizon. They still have the potential to sway the market and the price of XRP in the near to long term.

Related

Can XRP accomplish self-sustenance?

While the bulk of digital currency is having to deal with just the macroeconomic uncertainty from different countries, XRP is embroiled as the asset of interest in the securities lawsuit between blockchain payments firm Ripple Labs Inc and the U.S. SEC.

As such, more external factors weigh down its growth than can be envisaged and, in all, the cryptocurrency has been able to maintain a steady growth outlook, riding on the strength of its community and technology.

XRP has been self-sustaining since the lawsuit was filed, and doing so moving forward will be no small feat.

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