XRP price has joined the broader cryptocurrency market rally as the coin has successfully broken out of the bearish zone. jumping 1.3% at the time of writing at $0.5197. Over the past week, XRP erased its losses and is now up 3.85%, while also trimming its monthly loss to 9.2%.
XRP price has joined the broader cryptocurrency market rally as the coin has successfully broken out of the bearish zone. jumping 1.3% at the time of writing at $0.5197. Over the past week, XRP erased its losses and is now up 3.85%, while also trimming its monthly loss to 9.2%.
Impact of Bitcoin Correlation
The Bitcoin price resurgence, which took the leading digital currency to a three-year high of $50,358.39, had a tremendous impact that exceeded market expectations. The rally caused the price of many altcoins to break out of their losing streaks, with XRP being one of the main beneficiaries.
Over the past month, the price of XRP has been a major concern for members of its ecosystem. In their bid for a better close, many have asked Ripple Labs executives to help offer a solution to the price stagnation.
While Ripple has employed some definite strategies to control the circulation of XRP and its underlying use case, the price has failed to be obsessively impressive. The strong correlation it showed with Bitcoin now serves as the dominant catalyst driving the asset’s growth.
This also has an underlying downside, as any impending correction in Bitcoin price could trigger a drop in XRP and other correlated assets across the board.
XRP Growth Strategies
As mentioned above, Ripple plays a very important role in managing XRP as a utility currency. The company uses the currency in its On-Demand Liquidity (ODL) cross-border payments solution and presents it as a crucial settlement asset for the RippleNet protocol.
Beyond this, Ultimately, driving long-term price growth.
