CompaniesMarketCap data shows that this altcoin ranks 99th in global market capitalization, with a market cap of just over $180 billion. XRP, currently trading just above $3, is positioned above CATL and just behind Pinduoduo and Deutsche Telekom. Notably, XRP, Bitcoin, and Ethereum are the only three crypto assets currently among the top 100.
The altcoin regained the $3 level yesterday after Jerome Powell's speech at Jackson Hole, where he suggested that the Fed might cut interest rates at the September meeting. Additionally, the U.S. Court of Appeals also approved the dismissal of the lawsuit against XRP following the joint motion from Ripple and the SEC.
XRP is likely to continue climbing the ranks of the largest assets in the world, and analysts predict a bullish trend for the altcoin. Cryptocurrency analyst CasiTrades predicted that the altcoin could soon reach $3.21, which is the next significant resistance.
CasiTrades also stated that the momentum is extremely strong and only expects a small reaction at $3.21, with that resistance level unlikely to stop the bullish trend. However, the analyst noted that there could be a brief pause before the bullish trend continues for the price of XRP, which would lead to a new test of the consolidation high near $3.168.
Cryptocurrency commentator Altcoin Gordon claimed that XRP/BTC is about to break its 8-year downtrend. He mentioned pending spot XRP ETFs, partnerships with Ripple, the end of the XRP lawsuit, and XRPL updates as fundamental factors that could trigger a breakout. Gordon further stated that if there is a large capitalization poised to surge, it would be XRP.
Legal expert Bill Morgan also took the time to explain what makes XRP so good, pointing out that despite all the narratives, the market considers the altcoin to be worthwhile. He further stated that it has primarily remained among the top three coins and that a lawsuit was needed to dethrone it from this position previously.
Morgan also pointed out that the adoption of XRP, even by institutions, is on the rise. At the same time, yield opportunities are increasing. Meanwhile, the use of the altcoin in the realm of traditional finance (TradFi) is on the rise, and it possesses many of the qualities of hard money, the legal expert stated.
