May 29, 2023

XRP Maintains 25% WTD Growth, Here’s What Investors Should Watch out For


Godfrey Benjamin

XRP’s short-term growth outlook does not negate headwinds inherent in its ecosystem

XRP is exhibiting an unusual growth trend today as its price has remained resilient with its 25.36% week-to-date (WTD) growth. Currently priced at $0.4437, XRP remains one of the top-performing altcoins thus far this week in relation to its growth rate. It is currently outpacing all of the digital currencies in the top 10 list per market capitalization, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).

While XRP’s short-term growth outlook appears impressive, investors should watch out for some of its underlying metrics. For instance, the trading volume over the past 24 hours has outpaced, by a negative trend, the growth uptick the digital currency recorded earlier today.

With the trading volume down by a little more than 38% at $2.85 billion, according to CoinMarketCap, this shows that traders are not particularly betting on the cryptocurrency as assumed. One crucial update regarding the accumulation trend in XRP, however, was showcased by the 120 million tokens that shifted hands as flagged by crypto data analytics provider Whale Alerts.

XRP still has one of the strongest communities among its peers and the prospects are good; however, some caution is necessary to bet on the coin.










Visible XRP headwinds

That XRP and its associated blockchain payments firm, Ripple Labs Inc, are doing well is an understatement as the latter firm has expanded its reach beyond the U.S. over the past few years despite the ongoing lawsuit.

Despite that, the long-awaited summary judgment from the U.S. SEC remains a bottleneck that must be factored into whatever attempt to bet on the cryptocurrency for the mid- to long term. XRP is a fragile digital currency and its growth prospects will not be properly showcased until the lawsuit with the SEC is completely resolved.

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