XRP In Epic Correction Mode: Watch These 3 Catalysts For Growth

XRP In Epic Correction Mode: Watch These 3 Catalysts For Growth

XRP failed to shift the $0.57 resistance point as support over the weekend as market bears overpowered bulls to push the price down. At the time of writing, XRP is changing hands for $0.5398. below 2.21% in the last 24 hours. Over the past seven days, the decline is considerably steeper, as XRP has lost 6.8% of its market value in a widespread bearish sell-off.

XRP failed to shift the $0.57 resistance point as support over the weekend as market bears overpowered bulls to push the price down. At the time of writing, XRP is changing hands for $0.5398. below 2.21% in the last 24 hours. Over the past seven days, the decline is considerably steeper, as XRP has lost 6.8% of its market value in a widespread bearish sell-off.

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XRP 1D price. Source: CoinMarketCap

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XRP has remained in correction mode for most of this year. The digital currency has managed to remain quite resilient, as it has maintained the $0.5 support zone in the face of an intense sell-off. The onus now falls on the bulls to make a difference, and three key catalysts can help achieve these goals.

The role of Ripple Labs and the extent to which it is doubling down on XRP use cases is very important in bringing the coin’s price outlook into the positive zone. While XRP remains a vital part of Ripple’s cross-border settlement solution, maximizing its network and partners to expand acceptance of the currency can be a game-changer for XRP demand in the long term.

XRP Ledger and Whale Factor

In addition to the influence of Ripple Labs, developments in the XRP Ledger may have a more resounding impact on XRP’s overall prospects in the near term.

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With the emergence of new protocols like Evernode (EVR) and Xahau, new use cases are emerging that can improve demand for the underlying coin, a promising outlook for the price.

Lastly, the role of XRP whales is invaluable in changing the fortunes of the digital currency. With continued accumulation of XRP by whales, signs of the coin’s attractiveness may fill the community and could change sentiment positively in the short term.

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