Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The XRP price is cooling off but has managed to retain some of the gains accrued since the start of its bull run in the past week. At the moment, the price of XRP is pegged at $0.5423, up by 0.80% in the past 24 hours. This growth push is bolstered even more by XRP’s 10.8% surge in the past week, and the massive trading volume, which has jumped 20% to $2.38 billion.
Despite XRP being one of the assets that sparked the “Uptober” rally, its rate of growth month to date is fairly well behind some of the top altcoins, like Chainlink (LINK) and Solana (SOL). One factor that remains crucial, though, is the sustained buying momentum from investors, who continue to pump liquidity into the XRP market.
Ripple Labs is systematically fueling this rally in its own way as well. The blockchain payments firm announced yesterday that it has inked a liquidity partnership with Uphold for its cross-border transactions. This partnership is highly significant considering the fact that Uphold is one of the few exchanges that kept the faith with the XRP community in its close to three-year legal brawl with the United States Securities and Exchange Commission (SEC).
Next steps for XRP
Despite the broad positivity in the XRP ecosystem regarding its latest price action, many believe there is a steeper upside for the payment token.
One starting point for this potential future rally is the retesting of its year-to-date (YTD), printed when its price jumped 70% on July 13, the day Judge Analisa Torres first declared that its sales on secondary trading platforms do not constitute investment contracts.
The latest regulatory clarity XRP has secured has not significantly impacted its performance relative to its all-time high (ATH) price. With XRP still down by 85% from this $3.84 price point, there is room for more immense growth, and the market is optimistic about the prospects.
About the author
Godfrey Benjamin
