Markets
Expert predicts XRP price rise despite larger circulating supply than Ethereum
XRP Price Expected to Rise Despite Higher Circulating Supply, Targeting Banking Sector with High Accumulation Capacity and Recent Regulatory Clarity
Veteran trader Jay Grissom highlighted the potential for XRP’s price to rise despite its larger circulating supply compared to Ethereum (ETH). Grissom, who has been trading since 2002 and has held XRP since 2016, emphasized the distinct target markets for XRP and ETH. According to Grissom, XRP’s primary audience comprises banking and financial institutions, while ETH and Binance Coin (BNB) are more retail-focused.
I would be concerned if the target market for $XRP it was like retail $ETH It is $BNB. Look at who the validators of these projects are targeting and you will know who the target audience is.
We all know (in fact, we’ve had it shoved down our throats) that the target market for $XRP is a banker and…
— JayGrissom.ICP∞ 🦍🍌 (@jfgrissom) July 12, 2024
Grissom highlighted the substantial purchasing power and broader use case of the banking sector, which XRP targets. This market segment has a significantly higher accumulation capacity than retail investors, thus justifying the need for a larger supply of XRP.
Recent developments and regulatory clarity
Previously, Grissom also discussed several important developments surrounding XRP, including its regulatory clarity. He noted that XRP has achieved true regulatory clarity, contrasting this with Ethereum’s controversial regulatory approval process. Furthermore, the XRP Ledger is set to incorporate a US-backed stablecoin, RLUSD, which could lead to significant gains for XRP. Historically, the introduction of stablecoins on networks like Binance has resulted in substantial price increases.
Additionally, the announcement of an XRP-based exchange-traded product (ETP) valued at $12 per unit and the Commodity Futures Trading Commission’s (CFTC) recognition of XRP as a commodity could further bolster XRP’s position. These factors, combined with the upcoming resolution of Ripple’s legal challenges, position XRP for potential growth.
Comparing circulating supplies
XRP (XRP) has a circulating supply of 56 billion XRP. It is priced at $0.5189 with a 24-hour trading volume of $1,879,002,110. XRP has shown a notable price surge, increasing by 11.15% in the last 24 hours and 19.47% in the last week.
Ethereum (ETH), on the other hand, has a circulating supply of 120 million ETH. Priced at $3,153.31, Ethereum’s market activity remains robust, with a 24-hour trading volume of $9,425,215,679. Recent performance trends indicate a positive trajectory for Ethereum, with a 1.25% increase in the last 24 hours and a 5.05% increase in the past week.
Analyst Sentiment and Market Performance
Notably, the crypto community has taken note of XRP’s recent price performance, with the asset meeting 30% from its July 5 low of $0.3911. XRP has seen a 12% single-day surge, hitting an intraday high of $0.5095. This impressive performance comes amid modest gains in other leading cryptos, making XRP the best performer among the top ten crypto assets.
Analysts suggest that the window to accumulate XRP at low values is closing fast. Bobby A, a prominent analyst, echoed this sentiment, noting that XRP’s current lows represent an accumulation range. Technical indicators suggest that XRP may soon break out of its six-year downtrend, encouraging investors to consider the asset ahead of its anticipated rally.
Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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