Altcoins
XRP Surges From $0.41 to $1,500? Experts Predict ETH-Like Rise
Ripple-affiliated XRP is back in the spotlight after a rollercoaster ride. From a yearly high of $0.71 to a low of $0.41, the altcoin has generated quite a buzz. Despite the current market volatility, market pundits are pinning their hopes on upcoming events in the XRPL ecosystem and broader regulatory developments. One topic of discussion is whether the altcoin would replicate Ethereum’s spectacular rise after gaining regulatory clarity.
Market watchers believe that achieving true regulatory clarity would be the key moment for XRP. They cite Ethereum’s meteoric rise from $7 to $1,500 in a year after gaining regulatory status. The altcoin’s newfound clarity positions it for substantial growth. Additionally, the XRP Ledger is expected to integrate a US-backed stablecoin, RLUSD.
Historically, networks that integrate stablecoin options have seen massive gains in their native assets. The analyst cited the example of Binance Coin [BNB] which skyrocketed by 3,100% after its introduction as a stablecoin. This integration benefited traders by allowing them to move assets in and out of this network seamlessly while maintaining stability against fiat currencies, further enhancing its appeal.
ETP based on XRP and CME Price Index
The recent announcement of an exchange-traded product based on XRP reinforces this momentum. [ETP]While the full implications of this ETP remain to be seen, the fund is physically backed by XRP and is priced at $12 per unit. This development could lead to an influx of institutional investors, which would boost the token’s credibility and liquidity in the market.
A day earlier, the Chicago Mercantile Exchange [CME] has launched an official price index for XRP, aligning the altcoin with other commodities like oil. This indicates that once the SEC lawsuit is over, the Ripple-backed token will be traded as a commodity rather than a security, paving the way for new markets and investors to enter.
However, the most important catalyst would be the outcome of the SEC’s lawsuit against Ripple. So far, the blockchain company has emerged unscathed from legal, congressional, regulatory, and criminal standpoints. Traders and investors will be watching closely.
The expert then observed that the cryptocurrency market has seen a price spike in the 6-18 months following Bitcoin halving events. The effect then propagates to the altcoin space, leading to rallies, a trend that could benefit XRPfurther amplified by its new regulatory clarity.
Another strategic development was the announcement of Bitstamp, a key component of Ripple’s “On Demand Liquidity” [ODL] provider, which was recently acquired by Robinhood. The acquisition will see Robinhood support the altcoin as a trading pair with various national currencies, increasing XRP’s accessibility to retail investors.
Overall, all of these developments offer promising prospects for the future of XRP, positioning it for significant gains and potentially revolutionizing its role in the cryptocurrency market.