Ripple’s native cryptocurrency XRP is currently defying the crypto market downturn, gaining 5% today, and is currently trading at $2.55. With the blockchain firm announcing its ‘Ripple Prime’ facility, pseudonymous trader James Wynn has initiated a long bet with an initial investment of over $25,000. The development has stirred market excitement with a 41% surge in daily trading volumes.
Crypto Trader James Wynn Announces Major XRP Investment
In a recent social media post, cryptocurrency trader James Wynn revealed that he has decided to allocate a significant portion of his portfolio. “I have decided to invest a SIGNIFICANT portion into XRP. ($25..+),” wrote Wynn. Market experts are already undertaking targets of $5 and beyond for the Ripple cryptocurrency.
Wynn believes XRP could play a transformative role in the global banking system. He also acknowledged the uncertainty surrounding XRP’s future but expressed optimism about its long-term potential. Infamous crypto trader James Wynn has gained popularity in the market for his mega leveraged-long bets.
Wynn’s latest announcement comes after the blockchain firm announced ‘Ripple Prime,’ the latest addition to its suite of payment and liquidity services, following the completion of its $1.25 billion acquisition of prime brokerage firm Hidden Road earlier this year. Thus, the crypto company confirmed that Hidden Road will now operate under the Ripple Prime brand.
XRP to $10 Soon?
Crypto market experts continue to stay bullish over the ripple cryptocurrency hitting double-digit to $10 and beyond. Ether Nasyonal recently shared a chart wherein the XRP price shows a very similar setup just ahead of the 2017 parabolic bull run. If history repeats, the Ripple cryptocurrency could rally all the way to $10 and beyond.
Currently, the daily trading volumes for the Ripple cryptocurrency have surged by 41% to $4.76 billion. Also, the XRP futures open interest has jumped 8.8% to more than $4 billion, showing strong traders’ interest, as per the Coinglass data.
Ripple ETF Sees Strong Demand
Along with other ecosystem developments, the demand for the Rex-Osprey spot XRP exchange-traded fund (ETF) remains high. The fund, which went live on September 18, has already reached $100 million in assets under management (AUM), underscoring growing institutional interest in the digital asset.
REX Shares announced the milestone on X, highlighting it as a key moment for the Ripple-associated token’s growing mainstream adoption. The achievement comes amid escalating institutional interest in compliant cryptocurrency investment products, signaling broader confidence in XRP’s role within regulated financial markets
Source: https://coingape.com/james-wynn-takes-xrp-long-bet-after-ripple-prime-announcement/