One of the major beneficiaries in the digital currency ecosystem today is XRP, as it has seen a major recovery in its price, jumping by 6.24% in the past 24 hours to $0.5135. This XRP growth underscores the coin’s defined attempt to reclaim lost ground after falling from a high of $0.6642 over the past month to a low of $0.4336.
With the rebalancing efforts underway, there are some growth catalysts to keep an eye on as the coin continues on its upward propulsion.
XRP trading volume
This might be a very simple metric to track, but it is arguably an important one. According to data from CoinMarketCap, the trading volume shows sentiment is low at the moment, with a 49.98% slump in 24 hours to $2,339,050,214.
Once there is an uptick in XRP trading volume, it depicts bullish sentiment that may further help to extend the growth of the coin in the short to long term.
XRP Ledger updates
Updates to the XRP Ledger (XRPL) have a way of boosting ecosystem trust in the cryptocurrency. News about upgrades that enhance the functionality of the layer-1 blockchain has made the rounds in recent times and the enhanced functionalities that are now introduced to the blockchain.
Besides the use of XRP in payments, the XRP Ledger creates a vital avenue for the demand of the coin in DeFi systems and, in the long term, helps the price surge.
Ripple stablecoin
Plans for the Ripple stablecoin were teased recently, setting the pace for major competition with Tether (USDT) and USD Coin (USDC). The move is poised to favor XRP if Ripple Labs designs a major avenue to integrate the coin into the stablecoin redemption and operations.
Overall, the utility of XRP is set to make it to the frontlines, creating a demand basis that can drive price growth over time.
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