TLDR
- BitBoy predicts XRP to reach $10, citing clear regulatory path and institutional interest
- Ripple’s escrow holdings decreased to below 39% from 55% in 2020
- Multiple firms (21Shares, Bitwise, Canary Capital) have filed for XRP ETFs
- XRP currently trading around $0.5053 with 44% increase in trading volume
- Analysts predict potential rally to $0.8 in near term
The cryptocurrency XRP is attracting renewed attention from investors and analysts as multiple developments suggest potential price growth ahead.
Recent data shows Ripple’s escrow holdings of XRP have decreased to below 39% of the total supply, down from 55% in 2020, while several financial firms have filed applications for XRP-based exchange-traded funds (ETFs).
Cryptocurrency analyst Ben Armstrong, known as BitBoy, recently shared his outlook for XRP during a podcast with XRP enthusiast Edo Farina.
Armstrong predicted the digital asset could reach $10, pointing to what he describes as a clearer regulatory environment for XRP compared to previous years.
The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) has entered an appeal phase, but Armstrong suggests this legal process no longer weighs as heavily on XRP’s price potential as it did during the last bull market. He noted that previous investor concerns about the SEC’s classification of XRP as a security have diminished.
Pro-XRP lawyer Bill Morgan highlighted the reduction in Ripple’s escrow holdings as a positive development for the cryptocurrency.
Morgan disputed previous SEC arguments that Ripple’s escrow was used to artificially support XRP’s price, stating there are numerous reasons why the impact of the escrow system has been misunderstood.
The digital asset has caught the attention of traditional financial institutions, with several companies filing for XRP-based ETFs.
21Shares recently submitted an application to the SEC for an XRP ETF, following similar filings by Bitwise and Canary Capital. This increased institutional interest suggests growing mainstream acceptance of XRP as an investment vehicle.
Ripple CEO Brad Garlinghouse has noted the rising institutional interest in the cryptocurrency, particularly following the recent ETF applications.
This institutional attention represents a shift in how traditional financial entities view XRP and its potential role in the broader financial system.
Current market data shows XRP trading at approximately $0.5053, with a notable 44% increase in trading volume to $919 million.
The cryptocurrency has reached a 24-hour high of $0.508, though CoinGlass data indicates a slight 1.6% decrease in XRP Futures Open Interest.
Market analysts have provided varying price predictions for XRP. Some forecasts suggest the cryptocurrency could reach $0.8 in the near term, while more optimistic projections, such as those from EGRAG Crypto, indicate potential double-digit gains in the coming days.
Armstrong has made particularly bold predictions, suggesting XRP could potentially surpass Ethereum in market capitalization by 2025, with price targets between $16 and $22. However, these predictions should be viewed in the context of the cryptocurrency market’s inherent volatility.
The reduction in Ripple’s escrow holdings continues to be a topic of discussion among investors. The company’s escrow system was initially designed to provide predictability to the XRP supply, and the current decrease in holdings may influence market dynamics.
Trading activity shows mixed signals, with volatility potentially influenced by broader market factors, including the upcoming U.S. election and Federal Open Market Committee (FOMC) meeting. These external factors could impact short-term price movements.
Recent ETF filing activity suggests growing institutional confidence in XRP. 21Shares’ application follows similar moves by other financial firms, indicating increased interest in creating regulated investment products based on the digital asset.
The legal landscape for XRP has evolved since the initial SEC lawsuit. While the case continues in its appeal phase, market participants appear less concerned about potential regulatory impacts on XRP’s future.
Market data indicates sustained trading activity, with volume metrics showing active market participation. The cryptocurrency’s price movements continue to be closely monitored by traders and analysts.
