XRP has joined the broader downtrend in the market, but has inherent factors to reverse its trend
The digital currency ecosystem is now experiencing an overall price crash with the combined crypto market cap losing up to 1.70% of its value, pegged at $1.10 trillion at the time of writing. XRP also joined the downtrend, is trading at a price of $0.449 atop a 1.32% drop in the past 24 hours.
Although the token barely lost a percentage point over the seven-day period, its outlook is generally bearish, commensurate with the industry. Individually, however, XRP has maintained relatively positive relevance in all the commodity services it is known to facilitate.
An earlier update from U.Today showed that the XRP Ledger, which uses digital currency as a native token, closed its 80 millionth ledger, a historic milestone that could only have been made possible through the versatility and the growth potential of XRP. piece of money.
XRP has maintained its growth as a high flyer whose year-to-date performance falls far short of the negativity it is currently embroiled with. This negativity is mainly embodied in the lawsuit between Ripple Labs Inc and the United States Securities and Exchange Commission (SEC).
Plausible Bullish XRP Trigger
For XRP to ink a near-term bullish reversal, the digital currency will need to demonstrate some form of investor appeal in the face of its many challenges.
Such attractions will be triggered in targeted capabilities presented by XRP Ledger, as well as other commodities that use the XRP token as assets powering their operations. A key decoupling move will also need to be made in order to reduce the correlation between XRP and Bitcoin.
This decoupling will be the ultimate trigger that will help the asset chart its own growth trajectory in the face of so many lows.