The cryptocurrency market is abuzz with discussions surrounding XRP’s recent price surge. Adding to the excitement, Jay Grissom (@jfgrissom), a veteran trader, recently showed how XRP can outperform the top cryptocurrencies despite its large circulating supply.
While some might be surprised by XRP’s growth considering its larger circulating supply compared to cryptocurrencies like Ethereum, Grissom points to several key factors driving XRP’s potential.
Distinct Target Markets and Higher Accumulation Capacity
Grissom highlights the crucial distinction between XRP’s and ETH’s target audiences. XRP primarily focuses on the banking and financial sectors, known for their substantial buying power and broader use cases.
Financial institutions have a significantly higher capacity for accumulating XRP compared to retail investors in the markets traditionally targeted by ETH and Binance Coin.
While XRP’s circulating supply sits at 56 billion compared to Ethereum’s 120 million. The larger supply caters to the anticipated demand from these institutional players.
Regulatory Clarity and Ongoing Developments
XRP has achieved a significant milestone with its regulatory clarity, contrasting with the ongoing regulatory discussions surrounding Ethereum. Many experts believe this clarity can boost investor confidence in XRP.
This is further bolstered by the upcoming integration of a U.S.-dollar-backed stablecoin, RLUSD, onto the XRP Ledger (XRPL). The introduction of stablecoins on other blockchains, like Binance Smart Chain, has historically correlated with significant price increases for the native token (BNB). The potential for a similar effect on XRP is attracting investor interest.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
XRP Ecosystem Developments and Impressive Performance
Beyond regulatory clarity, the XRP ecosystem boasts several promising developments. The announcement of a $12 per unit XRP-based exchange-traded product (ETP) and the Commodity Futures Trading Commission’s (CFTC) recognition of XRP as a commodity are significant milestones. These developments and the anticipated resolution of Ripple’s ongoing legal battle with the SEC, paint a positive picture for XRP’s future.
XRP’s recent price surge has been remarkable. It has witnessed a 24.73% surge over the past 7 days, finally crossing over the $0.5 level after prolonged underperformance. Notably, this bullish trend comes amid a more subdued performance by other leading cryptocurrencies, solidifying XRP’s position as the top performer among the top ten crypto assets.
The XRP community recently celebrated the anniversary of the court ruling that gave it legal clarity. The community is bullish on XRP’s future, and Grissom’s comments have bolstered the confidence of many investors.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
