4 reasons why the XRP price may explode higher soon
Ripple has continued its strong bull run this year, outperforming other popular cryptocurrencies like Bitcoin and Ethereum.
Ripple (XRP) has surged by over 52% in 2024, while Bitcoin is up by just 11%. Most popular altcoins, such as Cardano and Binance Coin, have barely moved.
The first major reason for XRP’s upside potential is the ongoing growth of the XRP Ledger network. According to DeFi Llama, the total value locked in its DeFi ecosystem has risen to a record high of $82 million.
The network is expected to continue expanding this year. For example, according to CoinGecko, some coins within the ecosystem, such as Sologenic and Crypto Trading Fund, have market caps exceeding $100 million. Others, like XRP Army, PHNIX, DROP, and Ripples, are slowly gaining market share.
Second, Ripple USD (RLUSD) is experiencing significant trading activity. While its market cap remains at $72 million, its daily trading volume has been steadily increasing. In the past 24 hours, RLUSD recorded a trading volume of over $162 million, signaling active usage by holders.
You might also like: XRP price rises as RLUSD stablecoin flips PYUSD on a key metric
Third, there are rising odds that the Securities and Exchange Commission will approve multiple XRP ETFs this year. Canary, Bitwise, 21Shares, WisdomTree, and ProShares have all filed applications for spot Ripple ETFs. According to Polymarket users, there is a 78% chance that the SEC will approve these funds in 2024.