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The broader digital currency ecosystem is experiencing a market capitulation in what has been tagged one of the most eclectic weeks thus far this month. With the market outlook trending toward conservativeness, XRP has stolen some spotlight for itself after inking a marginal gain of about 1.84% to $0.5215, according to data from CoinMarketCap.
Yuri MolchanAs a digital currency with a massive embrace from both retail and institutional investors, XRP has seen a massive influx of customer funds, which has toppled its 24-hour trading volume. Per current data, this particular on-chain metric is up by 4.75% with more than $955 million traded on spot markets overall.
XRP has remained resilient in its price performance as its outlook in the trailing seven-day period is significantly more than those of its peers, including Bitcoin (ETH) and Ethereum (ETH). It is not uncommon to find XRP in the top list of high-performing coins as it arguably has the biggest hype in the industry at this time.
The coin is the center of attention in the Ripple Labs Inc. v. Securities and Exchange Commission (SEC) legal battle, and although the current status quo is that it is not a security as defined by Judge Analisa Torres, market ripples have not let the price express itself well.
Sustained XRP utility
The position of the XRP coin in the broader Web3.0 ecosystem is being reinstated following the more than two-year lawsuit that has stagnated it over time. Ripple Labs has grown its business offshore through the XRP-powered on-demand liquidity (ODL) feature.
Tomiwabold OlajideThe role of XRP on XRP Ledger has also helped reinstate its outlook as a cheap cryptocurrency designed to power massive decentralized finance (DeFi) and non-fungible token (NFT) transactions across the board.
XRP has a rich ecosystem, and its outlook remains positive from both the legal and utility standpoint.
Arman Shirinyan
Alex Dovbnya