Oscar Ramos Urges Investors to Prioritize XRP Amid Market Surge

XRP: A Must-Have in Your Crypto Portfolio

Prominent cryptocurrency analyst Oscar Ramos has emphasized the importance of including XRP in investment strategies as the market begins to show bullish signs. He believes that XRP should not merely be considered an option but rather an essential asset for investors looking to capitalize on the current market dynamics.

Bitcoin’s Record High Fuels Altcoin Growth

In a significant market development, Bitcoin recently achieved a new all-time high, peaking at $112,000. This surge has had a ripple effect, invigorating the altcoin market, with XRP standing out as one of the primary beneficiaries of this upward trend.

Positive Developments Boosting XRP’s Appeal

XRP’s recent gains can be attributed to a series of favorable developments that enhance its utility. Ripple, the company behind XRP, has announced a partnership with BNY Mellon, the oldest bank in the U.S., designating it as the main custodian for the reserves backing its RLUSD stablecoin. This strategic move aims to foster institutional adoption by integrating traditional finance with digital assets.

Additionally, Ripple plans to utilize BNY’s transaction banking services to optimize its operations. This partnership comes on the heels of the Federal Reserve easing restrictions on cryptocurrency, allowing banks to engage with digital assets more freely.

Expanding RLUSD Adoption

Ripple is actively pursuing broader adoption of RLUSD by applying for a national bank charter and a Federal Reserve master account. Recently, RLUSD surpassed TrueUSD to become the eighth-largest stablecoin, boasting a market capitalization exceeding $500 million. Supporters of XRP view the integration of RLUSD as a positive sign, as the stablecoin operates on the XRP Ledger and utilizes XRP for transaction fees.

Anticipated ETF Launches

XRP enthusiasts are also optimistic about upcoming developments in the exchange-traded fund (ETF) space. July is shaping up to be a crucial month, with several futures-based XRP ETF proposals set to launch. ProShares is expected to introduce three XRP futures ETFs by July 14, while Turtle Capital plans to launch a 2X Long XRP ETF on July 21, coinciding with the debut of two additional XRP ETFs from Volatility Shares.

Although the SEC has approved multiple futures-based XRP ETFs, it has yet to authorize any spot ETFs, with over ten applications currently under review.

Whale Accumulation Signals Confidence

In light of these positive developments, large investors, or “whales,” are increasingly accumulating XRP. Recent data from Santiment indicates that the number of wallets holding at least one million XRP is approaching an all-time high, with 2,742 such wallets currently in existence. Collectively, these major holders control an impressive 47.32 billion XRP, reflecting strong confidence in the asset’s long-term potential.

XRP Price Movement

This trend of accumulation is already influencing XRP’s market price, which has recently reached its highest level in seven weeks, trading above $2.40. As of the latest updates, XRP is priced at $2.45, marking a daily increase of over 5%. Ramos’s assertion that investors should consider going all-in on XRP serves as a reminder not to overlook the next potential wave of growth, especially given XRP’s remarkable performance in the last quarter of 2024, where it delivered a sevenfold return.

Disclaimer

This article is intended for informational purposes only and should not be construed as financial advice. The opinions expressed herein may reflect the author’s personal views and do not necessarily represent the stance of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.