Cryptocurrency

Veteran Trader: XRP Target Market Is Banking and Financial Institutions

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.

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

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

BitBoy Projects XRP to Surpass Ethereum With $16.5 to $22 Price Target

Cryptocurrency influencer Ben Armstrong popularly known as "BitBoy," recently shared a bold prediction regarding XRP's…

40 mins ago

Nigerian Government Withdraws All Charges Against Binance Executive

On Wednesday, the Federal Government officially withdrew money laundering charges against Tigran Gambaryan, a senior…

2 hours ago

Top 3 Price Predictions For Dogecoin, ETFSwap, And Shiba Inu Price In October

Based on Grayscale's category of prospective tokens, which includes currencies, smart contract platforms, financials, culture,…

5 hours ago

PropiChain Kick Off Token Presale with a Bang, Smart Money Joins Expecting 12,000x Run in 5 Months.

The PropiChain (PCHAIN) token presale has started with impressive momentum. Investors rush in to secure…

7 hours ago

Blockchain Innovations: Qubetics’ Wallet Security, Theta’s Streaming, and ICP’s Internet Services

In today’s digital world, security and convenience are paramount when it comes to managing cryptocurrency,…

12 hours ago

Why XRP Holders Should be Bullish If Donald Trump Becomes President

In a recent post on X, Doq (@doqholliday), a well-known crypto pundit, made a bold…

14 hours ago