Ripple seems optimistic; will XRP follow lead?
- Ripple’s new report underscores a promising future for blockchain.
- XRP fails to drum up enough volume to overcome short-term hurdles.
There has been a growing consensus on the idea that blockchain tech will be embedded in global finance. More people now believe in that possibility now more than ever, including leaders in the finance industry.
How many are 1,10,100 XRPs worth today
In fact, the number of finance industry executives that are jumping on the blockchain hype train is at an all-time high. According to Ripple’s 2023 New Value Report, more than 90% of finance industry leaders are now believers.
The same report claims that they expect blockchain to not only have an impact on the financial industry but also on businesses, as well as society in general.
Let’s break down more #crypto trends from our 2023 New Value Report. ?
— Ripple (@Ripple) July 12, 2023
The same report revealed that 58% of the finance industry heads believe that the biggest benefit from blockchain and crypto will be payments. Especially cross-border payments. Tokenization was also among the use cases that will drive growth according to the correspondents. Interestingly, the two are within the scope of Ripple’s operations.
Ripple is uniquely positioned to take advantage of the opportunities in the cross-border and tokenization segments. The long-standing legal battle between Ripple and the SEC biggest drawback or deterrent to its plans.
What lies ahead for XRP?
Although recent developments shifted the possible outcome of the lawsuit in favor of Ripple, there is still the risk of a different outcome. Traders and investors are aware of this, which is why XRP has been struggling to recover above $0.50.
XRP traded at $0.47 at press time after sliding for the last three weeks. Traders should note that, as of 12 July, it was struggling to secure directional volumes at an ascending support level. Also, its price action demonstrated some support weakness which suggested a notable probability of sliding lower.
XRP’s money flow registered a bit of an uptick more recently after almost dipping into oversold territory. This does not necessarily mean that it is safe from the bears. On the other hand, there are some on-chain findings that may support a bullish bounce in the next few days.
Realistic or not, here’s XRP market cap in BTC‘s terms
Investor sentiment has been on a steady uptick for the last 30 days as indicated by the weighted sentiment metric. Ripple’s growing development activity could also be a contributing factor to the growing investor confidence.
Although the above findings favor a potential upside, low buying pressure continues to hold back the XRP bulls. This is coupled with uncertainty regarding the legal battle.