TLDR
- BitBoy forecasts XRP hitting $10 amid reduced regulatory concerns
- Ripple’s escrow holdings show 16% reduction since 2020
- New ETF applications from three major firms indicate growing market interest
- Current trading at $0.5053 with substantial volume increase
- Market experts project near-term target of $0.8
The digital asset XRP is experiencing increased attention from both institutional investors and market analysts as several key developments unfold in the cryptocurrency space.
Recent market movements and institutional activities suggest a shifting landscape for the world’s fourth-largest cryptocurrency by market capitalization.
Data released this week reveals that Ripple has decreased its XRP escrow holdings to 39% of the total supply, marking a substantial reduction from the 55% held in 2020.
This change in holdings structure has caught the attention of market observers and analysts who view it as a potential catalyst for future price movements.
Cryptocurrency market commentator Ben Armstrong, commonly known as BitBoy, recently shared his analysis during an online discussion with crypto enthusiast Edo Farina.
Armstrong pointed to several factors supporting his $10 price prediction, including what he describes as an improved regulatory environment for the digital asset.
The appeal phase of Ripple’s legal proceedings with the SEC appears to have less impact on market sentiment than during previous cycles.
Armstrong noted that institutional investors seem more comfortable with XRP’s regulatory standing, referring to it as the “chosen institutional vehicle” for certain types of investment strategies.
Recent weeks have seen a flurry of ETF-related activity, with three major financial firms submitting applications for XRP-based exchange-traded funds.
21Shares has joined Bitwise and Canary Capital in seeking approval for these investment products, indicating growing institutional appetite for regulated XRP investment vehicles.
Bill Morgan, a lawyer known for his expertise in cryptocurrency regulations, recently commented on Ripple’s reduced escrow holdings.
Morgan challenged previous regulatory concerns about the escrow system’s market impact, suggesting that the decreased holdings demonstrate natural market evolution rather than artificial price support.
Trading data shows XRP currently priced at $0.5053, accompanied by a 44% surge in daily trading volume to $919 million. The cryptocurrency touched a daily high of $0.508, though futures market data from CoinGlass indicates a slight decline in open interest positions.
Ripple CEO Brad Garlinghouse has commented positively on recent developments, particularly highlighting the increasing institutional interest in XRP. The CEO pointed to the multiple ETF applications as evidence of growing mainstream acceptance of the digital asset.
Market analysts have provided various price projections for XRP. While some suggest a near-term target of $0.8, others, including crypto analyst EGRAG Crypto, anticipate potential double-digit percentage gains in the coming trading sessions.
The cryptocurrency’s trading patterns show increased activity ahead of several major macroeconomic events, including the upcoming U.S. election and Federal Reserve meeting. These external factors could influence short-term price movements and trading volumes.
Recent ETF filing activity represents a new chapter in XRP’s market development. The applications from multiple established financial firms suggest growing confidence in the asset’s long-term viability as an investment product.
The reduction in Ripple’s escrow holdings continues to generate discussion among market participants. The company’s escrow system, initially designed to provide supply predictability, has evolved as the market has matured.
Technical analysis indicates mixed signals in current trading patterns. While volume metrics show increased market participation, price action remains relatively stable in the $0.50 range.
Institutional interest appears to be diversifying, with multiple firms exploring different approaches to XRP investment products. This trend suggests growing acceptance of XRP within traditional financial circles.
Market data reveals sustained trading activity across major exchanges, with volume distribution indicating broad-based participation from various trading venues and geographical regions.
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