XRP Finally Defies All Bearish Odds

At a time when many cryptocurrencies are trading in the red, XRP has maintained an uptick to showcase its potential for longer-term growth

XRP, the digital asset associated with Ripple Labs Inc., is now showing improved sentiments and outperforming all bearish expectations. XRP is trading in the green zone against several other cryptocurrencies that are in red.

XRP’s Bullish Momentum

As of this writing, XRP is ranked the seventh-largest cryptocurrency based on market capitalization at $33,064,732,583. Within the last 24 hours, XRP increased by 2.6% to trade at $0.5853. Additionally, XRP has increased by 8.5% in the past week. 

This increase puts the token ahead of the remaining top ten cryptocurrencies, primarily traded in losses. Furthermore, XRP’s trading volume rose by 12.6% daily to $1.1 billion, indicating a resurgence of investors in the blockchain. 

Moreover, the sentiments on the token are bullish, and volatility is Medium at 4.36%. After several weeks of fluctuations, XRP rebounded on Monday, September 16, reaching highs of $0.591. To continue XRP’s bullish momentum, the market must watch for a break above $0.60 and $0.63 in the short term.

Meanwhile, if prices decline, support is expected between the daily moving averages of 50 and 200 at $0.569 and $0.55.

XRPL Fixes Major Network Issues

The bullish momentum on XRP’s price comes shortly after announcing a major upgrade on the XRP Ledger (XRPL). As revealed in an earlier BGECrypto report, the upgrade on XRPL aims to fix critical issues that impacted the network. 

The issue arose from the failure of Full History (FH) nodes, critical to ensuring the ledger’s transparency and decentralization. These nodes encountered problems due to a limitation in SQLite, the database management system they utilized.

The XRPL Foundation worked promptly to create and deliver a fix. The patch has been included in the official rippled release 2.2.3 and is now available for installation. The Foundation’s action could likely contribute to the increasing adoption of XRP. As more people gain faith in XRPL, prices are projected to rise.

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