Two notable digital asset firms have ranked XRP, the native token of the XRP Ledger, alongside a few other high-caliber cryptocurrencies as a store of value.
XRP. the third-largest cryptocurrency by market cap appeared on an exclusive list of assets classified as a store of value. For context, an asset boasts a store of value if it keeps its intrinsic value or purchasing power over a long period of time.
Grayscale Brands XRP a Store of Value
In a Monday tweet, Grayscale, the leading digital asset manager, mentioned three assets in its crypto sector that serve as a means of exchange, a store of value, and peer-to-peer transactions. Interestingly, XRP, Bitcoin, and Litecoin were the only three examples on the list.
Grayscale highlighted XRP’s superior qualities, including its hard-capped supply, utility as a global store of value, resistance to censorship, and adoption as a means of peer-to-peer transactions. Furthermore, the asset manager described the XRPL native token as a currency for instant global transfers and a bridge between fiat currencies for cross-border payments.
Artemis Confirms XRP’s Position as Store of Value
Meanwhile, Artemis, a data infrastructural platform, further confirmed XRP’s position as a store of value. The protocol also classified the digital asset among currencies like Bitcoin Cash and Moreno as a store of value.
However, XRP ranks higher than other mentioned assets due to its enormous market cap. The high-caliber asset has a current valuation of around $139 billion, making it the third-largest crypto asset, and a fully diluted valuation of $242 billion.
XRP’s Growing Relevance
Meanwhile, XRP seems to have reawakened from suppression amidst changing regulatory tides in the United States. The asset surged considerably upon Donald Trump’s November election win and confirmation that SEC Chair Gary Gensler will resign this month.
With the SEC expected to drop its years-long legal battle with Ripple when new boss Paul Atkins resumes office, the dark regulatory clouds around the ecosystem would shift. Such optimism has led to an exchange-traded fund (ETF) parade among notable asset managers.
Asset managers like WisdomTree, Bitwise, 21 Shares, and Canary Capital have filed for XRP ETFs, signaling strong demand for the asset among traditional investors.
Meanwhile, the positive sentiments surrounding the XRP ecosystem have impacted its price, spurring a 17% uptick this year. Still, analysts expect further upsides, with targets like $5 and $11 on the short-term radar.
At the time of writing, XRP trades at $2.4396, almost unchanged in the past 24 hours.
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