According to U.Today, the cryptocurrency XRP is experiencing a market rebound, with its value increasing by 4.71% in the past 24 hours to $0.4354. This growth has reduced its losses over the past week to 8.44%. After dropping to as low as $0.39 in the past seven days due to significant bull liquidation, XRP has now established this price point as a crucial support level. Despite this, the cryptocurrency has struggled to maintain a sustained breakout from the $0.4 trendline throughout the year.
XRP's position as a dominant asset on the XRP Ledger has been challenged by several factors. These include competition from other major cryptocurrencies such as Bitcoin and Ethereum, as well as the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC). Since the lawsuit was initiated in December 2020, XRP's growth has been in a state of uncertainty. Experts suggest that unless the lawsuit is resolved and the case closed, XRP may struggle to achieve significant growth in the near term.
Despite the challenges posed by the SEC lawsuit, XRP is finding new potential in other use cases. One such use case is the XRP Ledger, which is looking to diversify automated market maker (AMM) pools to provide extended service to the community. XRP has also been featured in Ripple's payment plans, with the coin being recognized as one of the most versatile for cross-border payments in the industry. While there is agreement on the potential impact of these additional use cases on XRP's price, there is no consensus on when the coin will reach its perceived value.
