Analyst Foresees XRP Price Surge in Current Market Cycle

The demand for XRP has displayed mixed signals, as on-chain data reveals that the number of top 0.01% wallets holding at least 5.75 million XRP has increased to 486, while the number of millionaire addresses has decreased to 1,970. Currently, there are over 59 billion XRP coins in circulation, with a market capitalization of approximately $34.44 billion.

However, the price growth of XRP has not followed the recent surge of Bitcoin, as speculation surrounding the potential approval of a spot Bitcoin ETF in the US has dominated the market. Despite Bitcoin’s 13% increase in the past 30 days, XRP has only experienced less than 1% growth during the same period.

Insight from analysts suggests that XRP could still perform well in the current market cycle, despite facing competition from other cryptocurrencies. The token faces potential threats from alternative coins and stablecoins due to transaction speed and accessibility. Nevertheless, Ripple Labs may introduce new features and partnerships to maintain XRP’s competitiveness. The recent legal victory in the Ripple lawsuit and its ability to maintain a top 10 market cap despite SEC troubles since December 2020 indicate positive prospects for XRP’s performance.

On the regulatory front, Ripple’s addition to the Central Bank of Ireland’s list of registered Virtual Asset Service Providers allows the company to offer digital asset services in the country.

In terms of ownership, XRP stands out as it is pre-mined and has a capped supply of 100 billion coins. While Jed McCaleb, one of Ripple’s co-founders, has sold his entire XRP holdings, co-founders Chris Larsen and Arthur Brito continue to retain the majority of their XRP. Notably, Larsen and Brad Garlinghouse were relieved from the SEC lawsuit when the agency dropped its charges against them in October 2023, as part of the original lawsuit.

However, there are critics who question the potential of XRP to replace Bitcoin and are not convinced by optimistic predictions and data. They point out that XRP has yet to reach the $1.20 mark, considering it a letdown. Even those who closely follow the technology are not thrilled by this goal, as experienced users find $1.20 less impressive, especially after XRP dropped to the 5th position behind Solana last week.

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