XRP surges 277% YoY to $3.51, outpacing Bitcoin, fueled by SEC lawsuit resolution, RLUSD launch, and institutional interest.
Although no significant XRP ETFs are approved and no Defi opportunities exist, XRP has outperformed Bitcoin by an astonishing 277% in the past year. According to an expert, this may only be the commencement of a much more significant surge.
Bitcoin is outpaced by XRP by 277%, despite the obstacles
Kyle Chassé, a crypto analyst, has recently emphasized the remarkable growth of XRP in the past year. Since July 2024, the token has increased by 277% compared to Bitcoin, which has increased by approximately 88%. Market data also verifies that the XRP/BTC ratio has significantly improved, rising from approximately 0.00000902 to 0.0000303.
Kyle noted in his analysis that the token’s outperformance is remarkable because it was achieved without a U.S.-approved XRP ETF, significant treasury adoption, or native DeFi yield. In contrast, Bitcoin benefited from establishing numerous exchange-traded funds (ETFs) and a more substantial institutional support.
Several XRP ETFs are finally on the horizon, which is noteworthy. Today, July 18, ProShares intends to introduce its Ultra XRP ETF on NYSE Arca, providing leveraged exposure. Although there has not yet been approval for a U.S. spot ETF, Franklin Templeton, Bitwise, and Teucrium are among the prominent names that have submitted active filings.
In the interim, XRP has achieved a new all-time high of $3.66, surpassing its previous apex of $3.40 from 2018.
Dark Defender, a cryptocurrency analyst, recently advised his followers to “fasten your seatbelts” in a post on X. This suggests that the price trajectory of the altcoin is on the brink of a parabolic rise. He underscored the conventional cup-and-handle pattern, a bullish formation that frequently suggests the impending occurrence of a substantial breakout.
Institutional investors are increasing their XRP investments
The data in the futures market suggests that institutional demand for the altcoin has multiplied. In a single day, CME reported record daily volumes for XRP and Micro XRP futures on July 11, exceeding $235 million.
Furthermore, an increasing number of organizations are expressing interest. Ripple has partnered with Ctrl Alt to introduce its institutional-grade custody technology to the real estate market in Dubai. This technology allows for the secure storage of tokenized property titles on the XRP Ledger.
Additionally, Webus International Limited submitted a Form 6-K to the U.S. Securities and Exchange Commission (SEC) earlier this month, establishing a $300 million XRP reserve. The filing results from a strategic alliance with Samara Alpha Management LLC, which will be responsible for managing XRP’s holdings.
Native staking is not yet supported by the XRP Ledger in the DeFi sector. Nevertheless, platforms such as Uphold are in the process of enabling users to encapsulate the token to earn a yield. Since June, the altcoin has attracted more than 1,300 smart contracts to the network’s new Ethereum-compatible sidechain, bringing it closer to the broader DeFi world.
