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