XRP (XRP/USD) has gained 10% on Tuesday and was seen trading above $1.60. Just one month ago XRP price was at $1.32, which means that it is also up more than 20% over the past month.
Why is XRP benefiting from buying momentum amid a broader selloff in cryptocurrencies? Let’s take a look and then we will evaluate a trading decision and answer if XRP is a buy now.
XRP is pushing ahead
XRP is trading in the green while currencies such as BTC are plummeting in value. In fact, Bitcoin is in a bear market has lost more than 20% from its all-time highs. Other closely tracked cryptocurrencies including ETH, LTC, XLM, and others have also dipped in value throughout the weekend.
XRP’s recent momentum can be attributed to its added voice to the ongoing cryptocurrency sustainability pool through which Ripple announced that they aim to hit carbon net-zero by 2030. In recent cryptocurrency development, Bitcoin was removed as a viable payment option in certain corporations due to the high fossil fuels it generates in the atmosphere, and as such, the industry has been leaning towards more eco-friendly options, one such option being XRP.
Fundamental analysis: XRP is investing in the future
XRP is the native cryptocurrency for products that are developed by Ripple Labs. Ripple has added its voice to the ongoing cryptocurrency sustainability pool, by announcing that it aims to hit carbon net-zero by 2030. It has also partnered with various sustainability leaders that will help them achieve this goal.
Sustainability leaders such as the Renewable Energy Buyers Alliance (REBA), the Energy Web Foundation, and Watershed have joined their ranks, and this marks a bright future for the eco-sustainability of cryptocurrencies
