• While Ripple-backed XRPL is among the oldest blockchain projects in crypto history, it still lacks a private stablecoin to showcase like Ethereum, Solana, BSC, and the Stellar network among others.
• Ripple has continued to focus on the legal battle against the United States SEC, which has weighed heavily on the XRP price action amid the general crypto bullish breakout led by Bitcoin.

The mass adoption of the web3 industry and digital assets has significantly been bolstered by the stablecoins market, which helps onboard institutional-grade liquidity to the crypto industry. More lawmakers around the world led by the United States have been drafting and enacting clear regulatory frameworks to ensure sustainable development and adoption of private stablecoins.

Furthermore, the central banks around the world cannot force investors to use their respective Central Bank Digital Currency (CBDC), especially with the existence of diversified private stablecoins.

Ripple on the Stablecoin Market

Ripple has over the years been advocating for businesses to use the XRPL for tokenizing real-world assets but has not yet managed to unveil its stablecoin or attract private stablecoin issuers. As a result, the XRPL network has lagged behind other competing layer-one blockchains that support stablecoins like Ethereum which has more than $70 billion in private stablecoins.

According to a popular crypto analyst on the X platform alias Mr. Huber, Ripple has focused more on establishing XRP as a bridge currency between global currency, thus still has an opportunity to bridge the gap between different stablecoins and CBDCs. 

Mr. Huber also highlighted that Ripple has failed to provide private stablecoin issuers with a strong incentive to use XRPL, despite being in the market for more than 10 years. Furthermore, USDC issuer Circle has already launched its stablecoin on the XRPL competitor Stellar Lumens (XLM) network. Until the Ripple-backed XRPL network evolves and supports scalable smart contracts, private stablecoins will continue to be alien to the XRP ecosystem.

XRP Performance Amid Ongoing Altcoin Awakening

The crypto market has signaled the early stages of the anticipated bull run after Bitcoin price rallied above $51,000 on Wednesday. The total crypto market cap valuation spiked by 5 percent to reclaim $2 trillion for the first time since the onset of the 2022/2023 bear market. The notable crypto cash inflow to the spot Bitcoin ETFs, totaling more than $4 billion in the past four days alone, has helped trigger the macro bullish outlook. 

Meanwhile, Ripple-backed XRP price continues to lag compared to other altcoins like Solana (SOL), Ethereum (ETH), and Cardano (ADA). However, a popular crypto analyst on the X platform alias Dark Defender has argued that the XRP price is on the cusp of a bullish breakout based on the volume squeeze.

A similar bullish narrative on XRP was issued by another popular crypto analyst on the X platform alias Captain Faibik, who argued that the instrument has approached the final retest before lift-off for the 2024/2025 bull run. From a technical standpoint, the XRP price must consistently close above the support/resistance level of around 54 cents in a bid to rekindle a rejuvenated bullish momentum.

The large-cap altcoin has, however, benefited from the unwavering support from Ripple and is well-positioned to rally beyond its ATH in the bull run. According to the latest market data, XRP price gained around 6% in the past seven day to trade at $0,56..

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