XRP has remained relatively stagnant this month, despite ambitions to curb the negative growth trends known in June for the past decade. While the reality is evident, XRP bulls are looking what analysts labeled as a long-awaited price rally that could help the coin retest its highest level over the past year, set at $0.8875.
XRP has remained relatively stagnant this month, despite ambitions to curb the negative growth trends known in June for the past decade. While the reality is evident, XRP bulls are looking what analysts labeled as a long-awaited price rally that could help the coin retest its highest level over the past year, set at $0.8875.
What is XRP doing differently?
While pushing for price growth, fundamentals are typically associated with imminent price growth movements. In the case of XRP, most of the efforts of the XRP Ledger developers have resulted in little to no major price increases.
Tomiwabold OlajideDespite the launch of the Automated Market Maker (AMM) engine and the appearance of several working pools on the Ledger, the price of XRP remains limited between the price range of $0.4879 and $0.5561 for the past month.
The impact of Ripple escrow blocking has also not affected the price of XRP in the most preferred way. With millions of XRP locked and released from escrow monthly, there is an optimal level of dilution that has helped keep XRP in tune with meeting liquidity demands.
Overall, market watchers are concerned about XRP’s growth trajectory, especially with the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and its partner blockchain payments company, Ripple Labs.
More and more innovators are calling for more decentralized applications (dApps) on the XRP Ledger that can help drive demand for XRP and, ultimately, its price.
Influence of whales
Many analysts considered XRP’s slow price growth as its latency period. This is because the coin is heavily favored by whale transactions where billions of XRP are typically traded daily.
Godfrey BenjaminWhen these fundamentals converge, analysts are optimistic that XRP price will not only surpass the $1 price level but could retest its ATH of $3.84.
