As anticipated, XRP is currently undergoing a correction, reversing its growth rate by 0.44% and settling at $0.5502. Following an impressive rally that propelled XRP to its monthly high of $0.58 on October 24, this period of consolidation is viewed as a healthy development for the asset.
At present, XRP’s trading volume has receded by 34.31%; however, it remains relatively high, surpassing $1 billion. Many traders may be holding back to allow for a broader market adjustment. Nevertheless, the greed that characterized this month’s bullish surge persists and could be triggered unexpectedly.
The surging price of XRP is supported by strong fundamentals. Being the only recognized non-security altcoin in the United States, its liquidity and accessibility have recently seen notable improvement. Furthermore, long-term partners like Uphold have been introducing new incentives for members of the XRP community.
Emerging from the legal battle between Ripple Labs and the U.S. SEC with resilience, experts argue that XRP is still undervalued compared to other top altcoins with similar market depth and age.
Highlighting XRP’s Future Potential
With regulatory hurdles potentially behind it, XRP is poised to play a pivotal role in Ripple Labs-backed initiatives, particularly in cross-border remittances and settlements. To this end, Ripple recently forged a partnership with Uphold, which will serve as its liquidity partner in cross-border settlements.
This comes in addition to the expanding network of partners Ripple has brought on board outside the United States, as the SEC lawsuit has constrained its domestic growth. Beyond payments, XRP’s significance is also underscored on the XRP Ledger, where it is set to power the operations of the smart contract network.
Given the solid fundamentals underpinning it, XRP is projected to retest the $1 mark in the near future.
