What are the chances of XRP making a comeback? Discover 3 factors that could trigger a surge in the price of XRP.

XRP, the digital currency within the Ripple network, is currently facing difficulties. It was unable to maintain a value above $0.57 over the weekend and is struggling to surpass an important line known as the 200-day Exponential Moving Average (EMA) on the charts.

Despite experiencing a correction phase throughout the year, XRP has displayed resilience by maintaining stability around the $0.5 mark, even during significant sell-offs. However, it now relies on the buyers (bulls) to improve its situation, and there are three key factors that could contribute to a surge in XRP’s price.

Firstly, XRP plays a crucial role in Ripple’s cross-border settlement solution, which focuses on facilitating cross-border transactions. By expanding its network and establishing new partnerships, there is potential for XRP to gain wider acceptance, consequently increasing demand for the digital currency in the long run.

Additionally, there are exciting advancements happening within the technology behind XRP, known as the XRP Ledger. Innovations like Evernode (EVR) and Xahau are being introduced, which enhance the capabilities of XRP. These developments may attract more users to adopt XRP and potentially drive up its value.

Lastly, the actions of XRP whales can significantly impact the fortunes of the digital currency. As these whales consistently accumulate XRP, it sends a positive signal about the coin’s appeal, which can influence community sentiment in the short term.

Taking a closer look at the technical indicators, the situation appears challenging. The MACD and signal lines on the weekly chart suggest a bearish crossover, as the XRP price tests the support trendline. This indicates a potential loss of momentum and a possible breakdown in price.

Currently, XRP is being traded at $0.5308, reflecting a 3.81% decline in the past 24 hours. Over the past week, the digital currency has experienced a more significant downturn, losing 6.8% of its market value in a comprehensive bearish sell-off.