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XRP price poised to surge despite larger circulating supply, targeting the banking sector with high accumulation capacity and recent regulatory clarity
Veteran trader Jay Grissom has highlighted the potential for XRP’s price surge despite its larger circulating supply compared to Ethereum (ETH). Grissom, who has been active in trading since 2002 and an XRP holder since 2016, emphasized the distinct target markets of 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’d be worried if the target market for $XRP was retail like $ETH and $BNB. Look at who the validators of these projects target and you know who the target audience is.
We all know (have had it rammed down our throats really) that the target market for $XRP is banking and…
— JayGrissom.ICP∞ 🦍🍌 (@jfgrissom) July 12, 2024
Grissom pointed out the substantial buying 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
Earlier, Grissom also discussed several key 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. Moreover, the XRP Ledger is set to incorporate a U.S.-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 the 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% over the past 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. The recent performance trends indicate a positive trajectory for Ethereum, with a 1.25% increase in the last 24 hours and a 5.05% rise over the past week.
Analyst Sentiment and Market Performance
Notably, the crypto community has noted XRP’s recent price performance, with the asset rallying 30% from its July 5 low of $0.3911. XRP achieved a 12% surge in a single day, reaching an intraday high of $0.5095. This impressive performance comes amid modest gains in other leading cryptos, making XRP the top 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 low values represent an accumulation range. Technical indicators suggest that XRP may soon break out of its six-year downtrend, encouraging investors to consider the asset before its anticipated surge.