Currently trading at $0.6868, XRP is up 10.26% in the last 24 hours. This surge comes amidst Ripple’s recent collaborations and rumors about the company’s potential Initial Public Offering (IPO).
XRP’s surge has outperformed the two giants of the crypto industry, Bitcoin (BTC) and Ethereum (ETH). While Bitcoin and Ethereum recorded slight declines of 0.25% and 0.03%, respectively, XRP has surged by over 10%.
This significant uptick in XRP’s value has left many investors and enthusiasts wondering about the driving forces behind a remarkable performance that is without Bitcoin’s usual influence.
The Potential Reasons for the Surge
One major catalyst for XRP’s current price performance is Ripple’s collaboration with the National Bank of Georgia. This collaboration is focused on investigating the possible applications of a central bank digital currency (CBDC) in Georgia.
Ripple believes that by utilizing its CBDC Platform, this pilot program will lead to transformative advancements in blockchain technology’s utilization in both public and private sectors. Such collaborations validate the utility of XRP and bring the cryptocurrency into the spotlight, increasing its exposure and credibility.
Another significant factor contributing to XRP’s recent movement is the swirling speculation about Ripple’s potential Initial Public Offering (IPO). Rumors have been circulating within the XRP community, raising concerns about the long-term impact on the digital asset’s value if Ripple were to proceed with an IPO.
While no official announcement regarding an IPO has been made by Ripple, the company’s recent hiring openings have increased speculation in the community. The mere possibility has sparked discussions about how it might affect the future of XRP.
The upcoming Ripple Swell is also sparking speculation within the XRP community. It’s believed that something big will likely be announced by Ripple during this notable event.
Read Also: Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms
An Expert’s Perspective
Panos Mekras, the co-founder of Anodos Finance, in response to concerns about Ripple’s IPO, emphasized the distinction between Ripple as a company and XRP as a digital asset. He highlighted that Ripple’s public offering would likely lead to more significant exposure and awareness for the company, its products, and, by extension, XRP.
Mekras emphasized the limitless potential and multiple use cases of XRP, underscoring the idea that its value is not solely tied to Ripple’s corporate decisions.
XRP’s recent 10% surge shows its resilience and potential in the crypto market. Even with a disappointing performance from the biggest cryptocurrencies, XRP has performed well in the market.
This bullish performance could be the beginning of a move to $144 over 275 days, predicted by a notable crypto analyst. Investors and enthusiasts will surely keep a close eye on XRP’s developments and anticipate the next moves.
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