Expert Predicts XRP Price Surge Despite Its Larger Circulating Supply Compared to Ethereum
Experienced trader Jay Grissom believes that XRP’s price will see a significant surge, even though it has a larger circulating supply than Ethereum (ETH). Grissom, who has been involved in trading since 2002 and has been holding XRP since 2016, highlights the different target markets of XRP and ETH. According to him, XRP primarily caters to banking and financial institutions, while ETH and Binance Coin (BNB) are more focused on retail investors.
Grissom emphasizes the substantial buying power and broader use case of the banking sector, which XRP specifically targets. This market segment has a much higher accumulation capacity than retail investors, therefore justifying the need for a larger supply of XRP.
Additionally, Grissom discusses recent developments surrounding XRP, including its regulatory clarity. He notes that XRP has achieved true regulatory clarity, unlike Ethereum, which has undergone a controversial regulatory approval process. Furthermore, 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.
Furthermore, 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 strengthen XRP’s position. These factors, combined with the imminent resolution of Ripple’s legal challenges, position XRP for potential growth.
Comparing the circulating supplies, XRP has a circulating supply of 56 billion XRP, while Ethereum has a circulating supply of 120 million ETH. Despite the larger supply, the price of XRP has surged by 11.15% in the last 24 hours and 19.47% over the past week. Ethereum, on the other hand, has shown a 1.25% increase in the last 24 hours and a 5.05% rise over the past week.
The crypto community has taken note of XRP’s recent price performance, with the asset rallying 30% from its recent low. It even outperformed other leading cryptocurrencies, indicating its potential for further growth. Analysts suggest that the window to accumulate XRP at low values is closing fast, with technical indicators pointing towards a possible breakout from its downtrend.
Overall, Grissom’s insight, combined with recent developments and market performance, indicates that XRP is poised for a price surge, despite its larger circulating supply compared to Ethereum.