Quick Summary:
XRP price went to $2.40 and briefly displaced Tether to take the third spot in the largest crypto list by market cap.
In a recent revelation, Dave Portnoy made it known that he has been outbid over the purchase of an apartment in Miami by a crypto investor, which is an indicator of the increasing power held by digital currencies.
“What would happen, should XRP be the next Bitcoin?”, Portnoy confessed.
Settlement of the current legal bout with SEC is bound to end soon to increase market confidence.
The increased number of bank partnerships around the world might lead to bright future of XRP in institutional finance due to the partnership of Ripple.
Meteoric rise of XRP
Trading at a fraction of a cent not so long ago, XRP, the cryptocurrency associated with the Ripple Labs company, has recently soared up to the price of around 2.40 dollars. Its meteoric rise has enabled it to surpass Tether to become the third-largest crypto coin in market terms. The price declined a little today; however, the interest of investors is high.
What if XRP is the Next Bitcoin? – Dave Portnoy
Dave Portnoy, the founder of Barstool Sports, fueled the discussion with the mention of his own experience. He confessed the hundred percent FOMO on crypto when he lost a bid on an apartment in Miami to a crypto investor. Although he admits not being 100 percent convinced about XRP as a brand, he is investing anyway though; just in case.
What happens to the future of XRP when this becomes the next Bitcoin? – Dave Portnoy
SEC Lawsuit on the verge of a lapse?
The most significant challenge facing XRP has been the court tussle with the United States Securities and Exchange Commission that alleged Ripple of illegally selling XRP as an unregistered security. However reports indicate that settlement discussions are on the rise. An interpretive decision or the compromise might provide the long-anticipated regulatory certainty and open the gates to institutional investment.
International Presence & Establishment
Ripple has already built up international connections particularly on the bank and payment industry. Should the legal mist be cleared and the price keep its head moving forward, XRP would be in a strong position in financing the world of money-changers — another major success story in the crypto industry?
Final Thoughts
Although it is not yet a long way to achieve the status of Bitcoin in terms of its value and usage, XRP is gaining a certain momentum. Legal issues are better defined and investor confidence is growing; the crypto community can see what is coming and many are rushing to invest lest they be left behind with the next wave.