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The broader digital currency ecosystem has made a decisive move to end April on a positive note, setting the pace for coins like XRP to ink a new monthly high. While Bitcoin remains the primary driver of the crypto market, many altcoins now have a decisive growth pattern to breach previous lows.
XRP metrics teases big rally
At press time, the price of XRP was $2.34, up 7.6% in the past 24 hours, per data from CoinMarketCap. While the price growth rate is a positive metric, the trading volume tells a more ambitious story.
Currently, this metric is up by a massive 111.83% to $4.87 billion. This volume shows the sustained adoption or embrace by market participants, a sign which, if sustained, can fuel a more ambitious uptick for the coin in the coming days.
Alex DovbnyaXRP volume has consistently ranked as a top factor in its growth pursuit, fueling its growth rebound on many occasions. Beyond volume, XRP futures open interest has jumped by 9.95% in 24 hours, according to CoinGlass data. With more than 1.77 billion XRP now in open contracts, this further backs the coin’s growth push.
Lastly, the XRP burn activity, though mild, has what it takes to fuel scarcity sentiment on the market. If market participants capitalize on this, it could aid the reclaiming of the $3 price level soon.
Fundamentals intact
The last time the XRP price reclaimed the $3 level was Jan. 31, after which this level formed a major resistance zone. Reclaiming it is not just based on technical boosts but also on key fundamental trends within its ecosystem.
Arman ShirinyanRipple Labs, the blockchain payments firm associated with the coin, is making a major move in its acquisition spree. Recently, it added Hidden Road, a prime brokerage firm, for $1.25 billion, creating expanded room for the utility of XRP, among other reasons.
These moves, including the boost of XRP Ledger, are bound to help drive the price of XRP in the long term.
Vladislav Sopov
Dan Burgin