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XRP Price Makes Dramatic U-Turn, In Contrast to Key Metrics

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Thu, 23/11/2023 - 8:40
XRP Price Makes Dramatic U-Turn, In Contrast to Key Metrics
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The digital currency ecosystem is experiencing mixed signals on the market today, with some altcoins generally decoupling from the downward trends across the board. XRP is one of the altcoins with an imbalance in key on-chain metrics and current price outlook. Data from CoinMarketCap shows the coin is changing hands at $0.6081, up 5.2% at the time of writing.

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XRP 1D Chart. Source: CoinMarketCap

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XRP's volatility is notably high, with visible price fluctuations. This impressive daily uptick comes on the back of the drop in daily trading volume by 27.70% to $1,262,763,410. This uptick in the XRP price notably negates its seven-day trend, where its price remains at a 6.35% loss.

XRP's price action underscores the resolve of its bulls to act in opposition to general sentiment. While still maintaining a strong correlation with Bitcoin (BTC), the current upward motions show that XRP is capable of charting its own growth curve, drawing on its own historical performances.

As it stands, XRP bulls have locked in the next major push, which is to reclaim the support at $0.61, and in the coming days, to push to retest levels above $0.65.

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XRP remains underpriced

XRP is one of the top cryptocurrencies by market capitalization; however, many still consider it undervalued compared to its utility, ecosystem and regulatory status.

XRP is designed as a payment token that facilitates swift cash transactions in a very cheap way. Though the close to three-year legal brawl between the United States Securities and Exchange Commission (SEC) slowed down its growth, it is recording massive adoption now that the firm has defeated the SEC, per Judge Analisa Torres' ruling.

The ruling that declared that XRP is, in and of itself, not an investment contract has given the coin a rare regulatory status that has exempted it from SEC-related enforcement actions. For this reason, many analysts project at least a $1 price target for the coin.

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