The XRP market outperformed the top 20 digital assets in the past 24 hours with a 20 per cent spike. According to the latest market data, XRP price broke out of a multi-month logarithmic downtrend that began in April 2021. Trading around $0.464 on Wednesday, the XRP community is charged to rally further in the coming days.
Moreover, large-caps altcoins were expected to pump after Bitcoin’s last week’s breakout. Notably, the XRP price is now retesting the 200 WMA, obliterating the FTX-induced losses.
The sixth largest digital asset by market capitalisation is now up over 37 per cent YTD amid the ongoing banking crisis.
XRP Market Outlook
Backed by blockchain payment company Ripple, XRP’s growth prospects are pegged to the ongoing lawsuit filed by the SEC in the United States. Nonetheless, Ripple has made tremendous progress in global markets, particularly in developing rails for CBDC through its XRPL.
With the United States Federal Reserve expected to launch its CBDC in July, XRPL anticipates heavily benefiting from the digital dollar.
“Despite the external pressure being applied by U.S. regulatory authorities, the $XRP Ledger (XRPL), supported by Ripple, aims to provide a digital payment infra not just for individuals, but also for existing financial entities such as central banks,” Messari noted.
According to Messari, the XRPL’s total accounts created are fast approaching 5 million. Moreover, the XRPL uses a Proof-of-Association (PoA) consensus algorithm that is environmentally friendly and technically scalable.
Meanwhile, the only official partnership announced by Ripple was with Great Ormond Street Hospital Children’s Charity (GOSH Charity), which will see funds donated by Ripple to help support cancer care at Great Ormond Street Hospital (GOSH).
Source: https://coinpedia.org/altcoin/top-reasons-why-xrp-price-is-surging/