- Ripple has focused on XRP as a bridge crypto asset between different global currencies, which is a trillion-dollar market gap.
- The XRPL network has deliberately failed to support any of the top stablecoins compared to its peers like Stellar Lumens (XLM).
The global financial sector is experiencing notable changes triggered by blockchain technology and digital assets. The entrance of institutional investors to the web3 industry through spot ETFs has preceded the global central banks. As a result, Ripple Labs has continued to fight for its place as a bridge between traditional finance and digital assets through XRP.
The ongoing lawsuit in the United States is expected to shed a lot of legal clarity for XRP and the entire crypto industry.
Ripple’s XRP as Bridge Crypto Asset on Trillion-Dollar Markets
Ripple Labs is one of the oldest web3-focused companies that was founded in 2013 to tap into the XRPL network and its native coin XRP to enable seamless cross-border payments. Over the years, XRP has grown into a respected global digital asset with deep liquidity. However, Ripple has deliberately failed to develop its stablecoin or support any of the existing private stablecoins like Tether USDT and Circle USDC.
Nevertheless, Black Swan founder Versan Aljarrah in a recent X post indicated that Ripple’s XRP will be a key component for the mass adoption of gold-backed stablecoin. Recently, more central banks -led by the BRICS alliance members- have shown interest in tokenizing their gold reserves.
With the notable Ripple victories against the US SEC in court, Aljarrah opined that it is only a matter of time before XRP is used by more businesses to enable secure, and fast cross-border payments.
💥Big news alert! BRICS nations gearing up to unveil a gold-backed trading currency this year! 🌟
With growing interest to join BRICS, the stage is set for a global economic shift! 🌍
Could #Ripple's #XRP emerge as the golden bridge to this new era of trade? 🏅 pic.twitter.com/CLohFi9N6b
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 19, 2024
XRP Price Action and Bull Market Targets
Amid the ongoing crypto bullish breakout led by Bitcoin (BTC) and Ethereum (ETH), Ripple-backed XRP has shown early signs of an inevitable upsurge. The XRP bulls strongly held on the support/resistance range between 50 cents and 54 cents in the past few weeks, and are currently on the cusp of flipping it to a robust support level. Furthermore, the large-cap altcoin, with a market valuation of around $55 billion, has rallied more than 12 percent in the past two weeks to trade at .
From a technical standpoint, XRP price has reached the apex of the macro triangular consolidation that began after the 2021 bull market. With XRP about to obtain final regulatory clarity through the ongoing lawsuit filed by the US SEC against Ripple, experts are confident a bullish breakout is more likely to happen. Moreover, Ripple’s On-Demand Liquidity (ODL), which uses XRP as a bridging currency, has experienced astronomical adoption outside the United States.
If XRP price closely mirrors that of Bitcoin in the coming months, the altcoin is well positioned to reach $1.4 before the end of the year from a conservative standpoint. Otherwise, XRP price is aiming at reaching a new ATH, perhaps $10 and above, during the confirmed bull market.
