DeFi Technologies, a leader in cryptocurrency innovation, has revealed its subsidiary Valour’s bold initiative to launch an XRP ETP on the European market next month. This move not only signifies a significant diversification of product offerings but also strategically addresses the demand for cryptocurrency investments in Europe.
The upcoming XRP ETP is poised to provide investors with a simple and secure path to access XRP directly through their bank or broker.
XRP becomes mainstream
Currently holding a market capitalization of $32.7 billion, XRP proudly secures the 5th position among all digital assets worldwide. Famous for its role as a bridge that facilitates fast and cost-effective international remittances within Ripple’s ecosystem, XRP is the desired choice for financial institutions looking for cost-effective alternatives. efficiency for traditional cross-border payment methods.
Valour’s upcoming XRP ETP will add an exciting dimension to the continually expanding market for exchange-traded products (ETPs) linked to XRP. Existing solutions such as CoinShares, 21Shares and ETC Group have significantly contributed to the growing popularity of XRP-focused investment products.
During 2023, XRP ETPs attracted notable inflows of $13 million, amassing an impressive $68 million in assets under management – the second highest among altcoin-oriented ETPs, just behind Solana (SOL).
XRP price fluctuates significantly, contrary to key metrics
The digital currency ecosystem is experiencing mixed signals in the market today, with a number of altcoins often bucking the broader downtrend. XRP is one of the unbalanced altcoins in terms of key on-chain metrics and current price outlook. Data shows that XRP is trading at $0.6191, up 3.94% in 24 hours at the time of writing.
XRP is highly volatile, with clear price fluctuations. This impressive daily gain comes on the back of a 27.7% decrease in daily trading volume to $1,262,763,410. XRP rallied notably but failed to reverse the 7-day trend (price remains at a loss of 6.35%).
XRP’s price action underscores the bulls’ determination to go against popular sentiment. While it still maintains a strong correlation with Bitcoin, current upward movements suggest that XRP is likely to chart its own growth curve, based on its own historical performance.
As it stands, XRP bulls are determined to make the next big push, which is to reclaim the $0.61 support level and retest levels above $0.65 in the coming days.
XRP remains undervalued
XRP is one of the top cryptocurrencies by market capitalization. However, many still believe it is undervalued given its utility, ecosystem, and management status.
XRP was designed as a payment token that facilitates quick and cheap cash transactions. Although the nearly three-year-long regulatory tussle with the U.S. Securities and Exchange Commission (SEC) slowed growth, it is now widely accepted that the company has defeated the SEC. , according to a ruling by Judge Analisa Torres.
The ruling declaring XRP not essentially an investment contract gave the coin a rare legal status that exempts it from SEC-related enforcement actions. For this reason, many analysts predict a price target of at least $1 for the coin.