XRP, like the broader cryptocurrency market, is experiencing a significant surge today, driven by the positive outlook on Bitcoin (BTC). The recent filing of BlackRock’s Spot Bitcoin ETF has ignited a rally that is influencing the entire market.
Over the past 24 hours, XRP ranked as the 6th largest cryptocurrency, has seen a notable increase of 2.9% in its price. On a weekly basis, the token has surged by 8.5%. Throughout the year, transactions on the XRP Ledger (XRPL) have remained relatively stable, with only two notable spikes occurring in March and April. Additionally, the number of new accounts created experienced a significant rise in early June, although it has since declined.
Positive developments in the XRP ecosystem have contributed to a bullish sentiment surrounding the token. Ripple, the company utilizing XRP’s ledger, has obtained a Major Payment Institution license in Singapore. Releasing the Hinman documents in the SEC vs. Ripple lawsuit has brought about favorable advancements for Ripple’s case.
These factors have led to a bullish outlook for XRP. Notably, a Bitcoin maximalist and influential figure known as “Crypto Rover” has expressed the view that XRP is a “must-hold for the next bull run.” The influencer further predicts Ripple’s victory in the ongoing lawsuit and anticipates a surge in FOMO (fear of missing out) among investors.
Read Also: Ripple Lawsuit: Prometheum Founder Predicts SEC Victory
The sentiment surrounding XRP in social media does not align with the prevailing bullish sentiment. LunarCrush data reveals a significant decline in XRP’s social mentions by 73.4% and a decrease in social engagements by 55.5%. Furthermore, there has been a notable decrease of 74.5% in bullish sentiment and a 69.7% decline in bearish sentiment. These metrics indicate decreased overall positive sentiment and engagement surrounding XRP in the online community.
IMF Proposes XC Platform for Cross-Border Settlements, Recognizes Advantages of XRP Design
The International Monetary Fund (IMF) recently introduced the XC platform to enhance cross-border settlements. In this context, the IMF acknowledged the numerous advantages of XRP’s design, generating optimism among token supporters. These individuals perceive the IMF’s interest as a potential indication of incorporating XRP into international payment systems. The XC platform serves as a secure hub enabling various entities, including commercial banks and payment processors, to exchange digital copies of reserves held by central banks.
However, a pro-XRP Twitter user raised concerns about the IMF’s blockchain-related documents, suggesting they may not favor the asset. One highlighted the issue, according to this influential member of the XRP community, pertains to a condition imposed on central banks wishing to utilize the XC platform. The proposal suggests that these banks must make their financial reserves accessible to foreign private firms. This particular aspect has sparked worries among users. Nevertheless, the user acknowledges the positive significance of the IMF’s acknowledgment of XRP.
At press time, Ripple was trading at $0.4916.
Read Also: XRP Added as Gas Token on New EVM-Compatible Blockchain
