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Ripple’s XRP Looks to Climb Out of Bitcoin’s Shadow

Ripple’s XRP token is trading in line with Bitcoin, but analysts are looking ahead to developments that could boost the token.

ZRP – Daily Chart

XRP – Daily Chart

The price of XRP fell from a recent test of the $3.405 highs to $2.800. Those are the current markers for support and resistance.

Yield protocol Doppler Finance has secured a $3 million seed round to unlock the next wave of institutional adoption on XRP.

Investors are also wary about the trade deal with President Trump, which may even be abandoned if he imposes sanctions on the country. XRP has a market cap of around $200 billion, and only 0.1% of those holdings generate any yield.

Doppler is one of the companies looking to provide yield for holding XRP tokens. Another decentralized finance protocol MoreMarkets, will enable XRP holders to earn substantial yields on their tokens.

Retail investors would be able to earn yields as high as 20%, although 5% is the current reward for the testing phase. Investors have already deposited $2.5 million into the platform.

Analysts also see upside as the ETF market matures into coins outside of Bitcoin. Spot market ETFs could be approved soon for XRP, and JPMorgan believes it could trigger $8 billion in inflows in the first year of trading.

XRP remains supported, holding a strong market valuation and tracking Bitcoin. But holders are hoping that it could emerge from the shadows of BTC. If investors can secure annual returns of 20%, then it could see money moving out of other tokens.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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