According to U.Today, XRP, a major player in the digital currency ecosystem, has experienced a significant price recovery, with a 6.24% increase in the past 24 hours to $0.5135. This growth marks the coin's determined effort to regain its position after a drop from a high of $0.6642 over the past month to a low of $0.4336. As the market rebalances, several growth catalysts are worth noting as the coin continues its upward trajectory.
One such catalyst is the XRP trading volume. Although it may seem like a simple metric, it is a crucial one. Data from CoinMarketCap indicates that the current sentiment is low, with a 49.98% decrease in 24 hours to $2,339,050,214. However, an increase in XRP trading volume would signify a bullish sentiment, potentially aiding the coin's growth in the short to long term.
Updates to the XRP Ledger (XRPL) also play a significant role in boosting trust in the cryptocurrency. Recent news about upgrades enhancing the functionality of the layer-1 blockchain has been circulating, and these improved functionalities have now been introduced to the blockchain. In addition to its use in payments, the XRP Ledger provides a crucial avenue for the coin's demand in DeFi systems, which could contribute to a price surge in the long term.
Plans for a Ripple stablecoin have also been hinted at recently, potentially setting the stage for significant competition with Tether (USDT) and USD Coin (USDC). If Ripple Labs successfully integrates the coin into the stablecoin's redemption and operations, it could benefit XRP. In general, the utility of XRP is poised to take center stage, creating a demand basis that could drive price growth over time.
