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Information about XRP (XRP)
Ripple (XRP) is a cryptocurrency created in 2012 by Ryan Fugger, Jed McCaleb, and Chris Larson. The Ripple project was developed to enable users to use financial institutions, banks, PayPal, and other services at meager costs and lightning-fast processing speed.
Ripple is a distributed peer-to-peer payment system that is open source. Ripple, like Bitcoin, uses blockchain technology to provide secure payment solutions that assist in the settlement of financial transactions between banks at meager costs.
Furthermore, the benefit of Ripple is that transactions are quick and do not require time to authenticate. Simultaneously, the Ripple platform enables users to trade everything from currency to gold to cryptocurrencies.
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As of March 14, XRP’s fully diluted valuation stands at around 235 billion USD, surpassing Ether’s valuation by over 1 billion USD.
Despite XRP’s higher FDV, its market capitalization is 136 billion USD, notably lower than Ether’s 233 billion USD, illustrating the different metrics used.
XRP’s price surged by over 300% since the U.S. Elections, benefiting from regulatory changes that favor it amid growing competition from other platforms like Solana.
On March 14, Nate Geraci, President of The ETF Store, revealed that BlackRock plans to file for ETFs linked to cryptocurrency tokens Solana and XRP, aiming to stay ahead of competitors.
The timeline for the XRP ETF filing depends on the resolution of Ripple’s legal challenges with the SEC, while Solana’s filing could happen imminently, reflecting the intense competition for these digital asset investments.
XRP’s market dominance has surged from 1.7% to 5.17% over the past year, with its value rising from 0.4 USD to 3.2 USD. Consequently, it outperforms most altcoins, reflecting robust capital inflow and user adoption.
Conversely, Ethereum’s dominance has dropped significantly from 17% to 8%. As XRP continues to thrive, its improved risk-adjusted returns (from -0.315 to 1.61) underscore it as a compelling investment choice.
Analyst Egrag Crypto believes XRP could rise to 10 USD this cycle, needing a 2.94 times increase from its current price of 2.25 USD. Egrag cites previous bull runs of Bitcoin and Ethereum as indicators of XRP’s potential.
Currently, XRP’s trading volume has decreased by 17% to 5.56 billion USD, following a 12% drop over the past week, creating uncertainty among traders. Despite this, Egrag remains optimistic about XRP’s growth.
Egrag estimates XRP’s market cap could expand to between 500 billion USD and 700 billion USD as blockchain adoption increases. He also forecasts that XRP could hit 100 USD in future cycles, depending on its price movements.
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