u.today
The fast-growing market rebound is good news for $XRP and its investors. Joining the broader market, $XRP is changing hands for $0.4354, up by 4.71% in the past 24 hours. This growth reboot has helped it shrink its losses over the past week to just 8.44%.
$XRP reemergence
After plunging as low as $0.39 in the past seven days amid epic bull liquidation, $XRP has flipped this price point as its crucial support level. The historical performance of $XRP makes it an interesting asset to watch. Thus far this year, $XRP has bounced on and off the $0.4 trendline with no record of sustained breakout to date.
$XRP’s struggles as a dominant asset on $XRP Ledger are multifaceted. Besides battling tough competition from its dominant alternatives like Bitcoin (BTC) and Ethereum, the Ripple v. SEC lawsuit also marked a turning point for the coin.
Since December 2020, when the lawsuit was launched to date, $XRP’s growth has been caught up in limbo. Despite entering a rebound mode as the current selling pressure wears off, experts project that should the remedies not be settled and the case closed, $XRP’s breakthrough might be impossible to pull off in the near term.
Relying on $XRP Ledger evolution
Despite the unavoidable roadblock placed by the SEC lawsuit, $XRP is drawing new potential from other use cases it directly takes care of. One of these is $XRP Ledger, which is looking to diversify automated market maker (AMM) pools for extended service to the community.
The Ripple payments plan is also another use case that $XRP has been featuring in for some time now. The coin is recognized as one of the most versatile for cross-border payments in the industry. While proponents agree on the impact these extra use cases can have on the price of $XRP, there is no consensus on the timeline the coin will properly match what many think it is worth.