Analyst Sees Potential For Growth

Despite the high volatility in Bitcoin (BTC) price, the XRP price is yet to show similar signs in the current market cycle that is dominated by the prospects of the likelihood of a spot Bitcoin ETF approval in the United States. Compared to the nearly 13% jump in BTC price over the last 30 days, the XRP price saw just under 1% growth during the same period.

Also Read: Grayscale Makes Amended Bitcoin ETF Filing After Silbert’s Exit

XRP Price In This Market Cycle

Crypto analyst and influencer Lark Davis said XRP has potential to perform well in the market cycle despite competition from other coins. He said the speed and accessibility of transactions through stablecoins and other altcoins could threaten XRP token’s relevance in the current market cycle. However, he said that Ripple Labs is capable of introducing new features and partnerships to make the token competitive. Davis agreed that the token has the potential to perform well in near future given that it has the Ripple lawsuit victory on its side alongside continuing to maintain a market cap within the top 10 cryptocurrencies despite the legal trouble from the U.S. Securities and Exchange Commission (SEC) since December 2020.

Earlier, CoinGape reported that the Central Bank of Ireland (CBI) added Ripple to its list of registered Virtual Asset Service Providers (VASPs). With this, the company would be able to provide a range of digital asset services in the country.

Ripple Executives Have Huge Holdings

Ripple, its executive chairman Chris Larsen and chief executive officer Brad Garlinghouse feature among the largest XRP holders by percentage, CoinGape reported. Interestingly, both Larsen and Garlinghouse got the relief from SEC lawsuit when the agency in October 2023 withdrew the charges it levied on them as part of the original lawsuit.

Also Read: Mt. Gox’s Alleged Double PayPal Payments Spark Speculation on Reddit

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.