Crypto Asset XRP Approaches $3 Amid ETF Speculation: Preferred Cryptocurrencies Investors are Purchasing Instead of XRP
In the dynamic world of cryptocurrencies, several notable events have taken place over the past month. Let's delve into some of these developments.
Jan van Eck, CEO of VanEck, has publicly endorsed Hyperliquid, a new Layer 1 platform. Hyperliquid distinguishes itself with its custom HyperBFT consensus, delivering rapid finality and low fees, and a fully on-chain order book, setting it apart from most decentralised exchanges. The native token of Hyperliquid, $HYPE, has held up well amidst market fluctuations, boasting a market cap of $18 billion and $363 million in 24-hour trading volume.
Ripple's stablecoin, RLUSD, has seen its supply grow to over $700 million. However, a significant portion, almost 90%, is issued on the Ethereum network. Meanwhile, CME-listed contracts for XRP have seen a 74% month-over-month surge, reaching 386 million XRP.
The XRP Ledger, host to these contracts, currently holds around $100 million in total value locked. Despite this, XRPL only accounts for a mere 2% of the real-world asset tokenization market. The rising institutional activity has been credited for XRP's recent run to $3. Futures open interest for XRP has also increased by 5% month-over-month, reaching 2.69 billion XRP ($7.91 billion).
Bloomberg has assigned a 95% chance of approval for a potential SEC decision on an XRP Exchange-Traded Fund (ETF) in October. This potential approval could further boost XRP's growth prospects.
Moving on to the Solana ecosystem, the Snorter Token ($SNORT) is a trading bot that executes sub-second swaps and offers security tools. It has capitalised on the Telegram bot boom, integrating utility within a meme culture. The presale for Snorter Token has already raised $3.83 million. However, the exact leadership behind Snorter Token remains unclear from available sources.
Best Wallet Token ($BEST) is a gamified wallet ecosystem. The $BEST token is central to the Best Wallet ecosystem, offering reduced transaction fees, early access to presales, higher staking rewards (84% APY), and governance rights. Best Wallet is set to launch Best Card, a crypto debit card that brings holdings into real-world use and offers cashback on purchases and reduced fees for cardholders who stake $BEST.
Diversifying into altcoins with stronger fundamentals might prove more rewarding than chasing XRP's next resistance line. As always, it's crucial to conduct thorough research and consider individual risk tolerance when making investment decisions.
