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XRP Stirs New Intrigue as Key Metrics Go Parabolic

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Fri, 1/09/2023 - 16:30
XRP Stirs New Intrigue as Key Metrics Go Parabolic
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With the crypto market opening into September with a high level of curiosity among the market makers, XRP has notably made an impressive leap in its trading volume halfway into the trading day. According to data from CoinMarketCap, XRP has printed a sudden 35.74% growth in its trading volume, which is now pegged at $1.158 billion.

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This impressive leap is a testament that XRP bulls are getting a unique buy-up trigger at this time that is fueling the run-up in accumulated volume. The potential upside for the XRP price in the short term is presumably high, a positioning that is implied from the possibility that the acquired XRP might be for storage, which will notably reduce the total coins in circulation.

XRP has a lot of positive incentives that have the potential to drive users' interest at this time. 

As the primary subject of the lawsuit between the blockchain payments firm, Ripple Labs Inc and the United States Securities and Exchange Commission (SEC), it is primed in such a way that its future is no longer uncertain after Judge Analisa Torres ruled that its trading on exchanges does not constitute an investment security.

Growing XRP ecosystem

Since the historic ruling, XRP has been the focus of interest for many emerging protocols in the digital currency ecosystem. With its luster, more projects are now making their way onto the XRPL, the smart contracts hub of the Ripple ecosystem.

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Though the evolution of the XRPL is still in its infancy, users are beginning to warm up to the protocol. As reported by U.Today, a recent XRP snapshot was completed. The snapshot, which was taken at Ledger "#82237135" on the XRP mainnet is necessary for the impending distribution of the EVRS token.

This appreciation is essential and might explain why more users are bullish on the protocol at the time of writing.

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