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Just as many expected, XRP is undergoing a correction that has reversed its growth rate by 0.44%, with the price now set at $0.5502. After a massive rally that saw XRP hit its monthly high of $0.58 on October 24, the consolidation is considered a healthy move for the asset.
At the time of writing, XRP trading volume has retraced by 34.31%; however, the actual volume remains high above $1 billion. Many traders may be sheathing their swords to allow for a broader market sell-off, but the greed that characterized this month’s bull rally still exists and can kick in without warning.
XRP fundamentals support skyrocketing price action. As the only legal altcoin recognized as a non-security in the United States, its liquidity and accessibility have increased in recent times. Furthermore, long-term partners like Uphold have continued to implement new schemes to incentivize members of the XRP community.
After coming out strongly as the subject of the lawsuit between Ripple Labs and the US SEC, experts have projected that XRP is still vastly undervalued compared to other major altcoins of similar age and overall market depth.
XRP’s future potential underlined
With the coast clear, XRP is now positioned to take on a central role in initiatives supported by Ripple Labs, such as remittances and cross-border settlements. In this regard, Ripple recently signed a partnership with Uphold, which will now act as its liquidity partner in cross-border deals.
This is in addition to the growing number of partners the company has added outside the United States, as the SEC lawsuit has affected its ability to grow internally. In addition to payments, the role of XRP is also highlighted on the XRP Ledger, as it is billed to help power the operations of the smart contract network.
With the fundamentals surrounding it, XRP is projected to retest the $1 mark before long.
