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Matt Hougan, chief investment officer at Bitwise, believes that $XRP's success can be primarily attributed to the strength of the community behind the token.
Hougan, who attended a recent $XRP event in Las Vegas, is now convinced that the $XRP world is now embracing the idea that the Ripple-linked cryptocurrency and Bitcoin serve different purposes.
"I think the $XRP world is embracing the idea that $BTC and $XRP serve different markets and that $BTC thriving doesn’t disrupt what $XRP aims to achieve," he said.
As reported by U.Today, Ripple co-founder Chris Larsen, who was backing a Greenpeace campaign targeting Bitcoin's proof-of-work (PoW) consensus algorithm, has clarified that he now views the leading cryptocurrency as sufficiently environmentally friendly after the share of mining powered by renewable energy topped 50%.
However, Larsen's post actually did little to mend fences between the two communities. Some Bitcoiners are convinced that the seemingly pro-Bitcoin turn is just an attempt to repair reputational damage.
During the recent $XRP event, Ripple CEO Brad Garlinghouse also attempted to forge unity by making it clear that the Bitcoin community is not an enemy.
Sky-high $XRP price target
As reported by U.Today, Bitwise previously estimated that the price of the $XRP token could surge to nearly $30 by the end of the decade if it manages to gain a substantial footing in such sectors as payments and tokenization.
Bitwise's $XRP ETF
Bitwise also filed to introduce a spot $XRP exchange-traded fund in October, giving the token a major boost.
The SEC recently postponed making a decision on this product as well as other competing $XRP ETF proposals.