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There is a mild bullish optimism returning to the market as XRP is wriggling out of a bearish trend, according to on-chain data. At the time of writing, XRP has jumped by 1.31% to $0.4825, a recovery that has ended the more than six consecutive days of losses it has printed.
The XRP performance is further catalyzed by the renewed embrace of cryptocurrency, as showcased by the uptick in trading volume. With more than $702 million traded overnight, this metric has soared by 8%, confirming the renewed optimism surrounding the asset.
XRP has been underpriced, according to claims from its biggest proponents. Seeing that the coin is the only altcoin with clear regulatory standing at this time, the proposition that it is not properly valued has remained a volatile subject amid the broad market slump recorded thus far this week.
XRP as a coin has a number of ecosystem fundamentals that can help sustain its growth trends. Besides its legal clarity, its growing utility on the XRPL is also worth mentioning. One of the start-ups backed by the XRPL has just inked a partnership with Circle, a move that has the potential to broaden the usage of XRP on the smart contract outfit.
Consolidating XRP growth
The signs that XRP will print a recovery became obvious in the early hours of today when the coin formed a crucial support level at approximately $0.47. After an elongated period of price sell-off, it becomes a natural move to see the coin regain its pace.
The accumulation trend will now be closely watched as the impact of the broader market cannot be overlooked. There is still inherent volatility when the performance of the other coins in the top 10 ranking is factored in. Overall, XRP seems to be carving out its own path, and the coin is currently on many traders' watchlists.
Arman Shirinyan
Alex Dovbnya
