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The broader digital currency ecosystem is in a mild consolidation mode right now with the combined crypto market capitalization rising 0.20% at the time of writing. This slight resurgence has put XRP on track to end the week on a positive note. At the time of writing, XRP is trading at a price of $0.5129 after recording a growth rate of 1.77% in the last 24 hours.
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XRP has had an eventful week in terms of its price growth and fundamentals surrounding key events within its ecosystem. A major bullish action underpinning the current XRP resurgence is the propensity of trading volume to keep up with its current growth pace.
Overnight, a total of $548.2 million was traded on the exchanges as marked by CoinMarketCap, indicating a growth of 5.25%. In addition to the trading volume, the support of visible whale actions recorded throughout the week is also a big boost that can help XRP cement its position as one of the top-performing altcoins of the month.
XRP’s latest growth has been characterized by significant declines and bullish trends, and market buyers now understand at what point in the growth cycle they should cast their nets for optimal ROI.
Go beyond the norm
The growth of XRP has had the full participation of its growing community, Ripple Labs and, to a large extent, the XRPL protocol and its developers.
Community cohesion has now gone beyond just the usual push by utilities, and core developers within the ecosystem are generally driving advice around security and responsible investing.
The ecosystem can expect more solid innovations in the industry in the short term, especially since the lawyer for XRP holders, John Deaton, after the suggestions given above, confirmed that it is now an important part of Spend the Bits, a protocol of payment built on XRPL.