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XRP Price Outlook Looks Bullish, But This Key Metric Needs to Be Revived

Fri, 04/07/2023 - 13:36
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Godfrey Benjamin
XRP is bullish, and all its key metrics must be maintained to sustain its growth
XRP Price Outlook Looks Bullish, But This Key Metric Needs to Be Revived
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After weeklong price action in an erratic manner, XRP is now looking at ending the week on a bullish note. At the time of writing, XRP is attempting to shed the more than 4.58% loss it accrued thus far this week. Per CoinMarketCap's data, XRP is now trading at a price of $0.5055, up 1.49% over the past 24 hours.

XRP Daily Chart
Image Source: CoinMarketCap

While this growth appears sudden, there has been growing solidarity in the XRP community that is generally positioning the digital currency for a sustained bull run. While this positive sentiment is inherent in the market at this time, the trading volume of XRP, which is down by 5%, must be revived in order to provide a cushion against any form of selling trade-off from a whale.

Per the outlook of digital currency, XRP remains among the biggest earners in the top 10 list of cryptocurrencies by market capitalization. In the year-to-date period, the digital currency has amassed a more than 47% price gain with the coin showing a number of visible signs of continuing this rally.

XRP Forms Its First 2023 Golden Cross: Details

Many community members are expecting that the coin has formed trustworthy support at the $0.5 benchmark, with all eyes fixed on it retesting the $0.6 resistance level.

Preventing derailment in XRP's growth

XRP is one of the digital currencies that is most susceptible to a bearish downtrend based on the ongoing lawsuit between its associated payment company, Ripple Labs Inc, and the U.S. SEC.

While XRP has been maintaining a favorable uptrend, any negative news that may trail the much-anticipated summary judgment will definitely derail the outlook it has built thus far. Though there are many industry observers and experts who have predicted a win for Ripple, uncertainty surrounding the lawsuit may fuel a mixed reaction in the price of the coin in the days ahead.

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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.