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XRP has failed to flip the $0.57 resistance point as support over the weekend as market bears overpowered bulls to drive the price lower. At the time of writing, XRP is changing hands for $0.5398, down by 2.21% in the past 24 hours. In the trailing seven-day period, the drawdown is fairly steeper as XRP has lost 6.8% of its market value in a sweeping and encompassing bearish sell-off.
XRP has remained in correction mode for the better part of this year. The digital currency has managed to stay quite resilient as it has maintained the $0.5 support zone in the face of an intense sell-off. Now the onus lies on the bulls to make a difference, and three key catalysts can help in achieving these goals.
The role of Ripple Labs and the extent to which it is doubling down on the use cases for XRP matters a lot in pushing the price outlook of the coin to the positive zone. While XRP remains a vital part of the cross-border settlement solution of Ripple, maximizing its network and partners to broaden the acceptance of the coin can change the demand game for XRP in the long term.
XRP Ledger and whale factor
Besides the influence of Ripple Labs, the advancements in XRP Ledger can have a more resounding impact on the overall outlook of XRP in the short term.
With the emergence of new protocols like Evernode (EVR) and Xahau, new use cases that can enhance the demand for the underlying coin are emerging, a promising outlook for the price.
Lastly, the roles of XRP whales are invaluable in turning around the fortunes of digital currency. With the consistent accumulation of XRP by whales, signals of the coin’s attractiveness can fill the community and might shift the sentiment positively in the short term.