Growth Potential Identified for XRP in Current Market Cycle

Amidst the heightened volatility in Bitcoin (BTC) prices, XRP is charting a distinctive course in the current market cycle, primarily shaped by the anticipation surrounding the potential approval of a spot Bitcoin ETF in the United States. In contrast to Bitcoin’s robust 13% surge in the past 30 days, XRP has exhibited more modest growth, hovering just below 1% during the same period.

Crypto analyst and influencer Lark Davis acknowledges the competitive landscape XRP faces, particularly from other altcoins and stablecoins that boast swifter and more accessible transactions. Despite these challenges, Davis expresses optimism about XRP’s potential, attributing it to Ripple Labs’ ability to introduce innovative features and forge strategic partnerships to enhance the token’s competitiveness.

Davis underscores the favorable elements contributing to XRP’s outlook, including its recent legal victory in the Ripple lawsuit and its steadfast position within the top 10 cryptocurrencies by market capitalization, despite ongoing legal challenges from the U.S. Securities and Exchange Commission (SEC) since December 2020.

In a noteworthy development, the Central Bank of Ireland (CBI) has added Ripple to its roster of registered Virtual Asset Service Providers (VASPs), granting the company the authority to offer a spectrum of digital asset services within the country.

Related: Positive Price Prospects for XRP in 2024

AZC News’s earlier report highlights Ripple’s executive chairman Chris Larsen and CEO Brad Garlinghouse as prominent XRP holders, both receiving relief from the SEC lawsuit in October 2023 when the agency withdrew charges initially filed against them as part of the ongoing legal proceedings.