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XRP on Track for More Weekly Growth, Here's Why XRP Is No Longer Underdog

Mon, 04/10/2023 - 09:54
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Godfrey Benjamin
XRP seeing impressive embrace as showcased in trading volume uptick
XRP on Track for More Weekly Growth, Here's Why XRP Is No Longer Underdog
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Digital currency XRP is on track for more weekly growth as it is currently setting the pace of its momentum. At the time of writing, XRP is up marginally by 0.41% to $0.504. Though the weekly performance shows a 2.27% slip, the digital currency is currently paring off its losses.

A closer look at the XRP on-chain metric shows why the digital currency can no longer be tagged as an underdog among its most dominant rivals. As the weekend is known to experience steep volatility, XRP's trading volume reached massive growth to show that the community and the broader ecosystem of traders are beginning to embrace XRP irrespective of the timing or ongoing events.

Despite being the digital currency with the greatest uncertainty about its future at the moment, data from CoinMarketCap shows that XRP's trading volume surged by 30.24% over the past 24 hours.

This data shows there is a steady buy-up of the asset by the duo of retail and institutional investors within the said time frame. With the impressive performance outing that XRP recorded in the past week, it is becoming evident that the coin's growth is now more consistent.

XRP Shows Healthy Signs of Rally Continuation: Details

Breaking off barriers

At the time of writing, on-chain price performance data shows XRP has grown by as much as 37.34% over the past month and by more than 47% in the year-to-date (YTD) period. The cryptocurrency's success to date is despite its ongoing indictment as a security by the United States Securities and Exchange Commission (SEC).

For XRP to truly chart a growth curve that will be sustainable in the long term, it has to break its current limiting barriers, and the only way to achieve that is by seeing the legal battle through.

The integration of enhanced smart contract functionalities and other notable innovations that will be based on XRP is another way to break the barrier of limited use cases that can also reposition XRP as a viable digital currency to address real world problems.

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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.