Widely followed crypto commentator Oscar Ramos has warned market participants that going all-in on XRP should be a priority.
He suggests that investors should view XRP not just as an option, but as a must-have in their portfolios as the crypto market turns bullish again.
Just yesterday, Bitcoin reached a new all-time high, confirming a peak price of $112K. This upward momentum has significantly boosted the altcoin market, with XRP emerging as one of the top beneficiaries.
Beyond Bitcoin’s rally, XRP is also gaining from a series of bullish developments surrounding its expanding utility, Ripple, and its stablecoin RLUSD. These developments are fueling renewed optimism about XRP as the altcoin season heats up.
Bullish News Supporting the Case for Going All-In on XRP
For instance, on Thursday, Ripple named BNY, the oldest running U.S. bank, as the primary custodian for the reserves backing its RLUSD stablecoin. This move aims to accelerate institutional adoption by bridging traditional finance with digital assets.
Ripple will also leverage BNY’s transaction banking services to streamline its operations. This partnership follows the Federal Reserve’s rollback of anti-crypto policies, allowing banks to engage with crypto assets without needing prior approval.
Meanwhile, Ripple is actively working to expand RLUSD adoption by applying for a national bank charter and a Federal Reserve master account. RLUSD recently surpassed TrueUSD to become the eighth-largest stablecoin, with a market cap exceeding $500 million.
XRP supporters view RLUSD’s integration as bullish for XRP, given that the stablecoin runs on the XRP Ledger and uses XRP to pay transaction fees.
ETF Developments
XRP proponents are also optimistic about the token’s prospects on the ETF front, as July is shaping up to be a pivotal month. Multiple futures-based XRP ETF proposals are set to launch this month.
ProShares plans to introduce three XRP futures ETFs by July 14, offering leveraged exposure to XRP’s daily performance. Turtle Capital’s 2X Long XRP ETF is also launching on July 21, the same day Volatility Shares plans to debut two XRP ETFs.
While the SEC has approved several futures-based XRP ETFs, it has yet to greenlight any spot versions. Currently, over 10 spot XRP ETF applications remain under review.
Whales Accumulating XRP to All-Time Highs
Amid these bullish developments, whales are positioning themselves accordingly. According to the latest update from Santiment, the number of wallets holding at least one million XRP is nearing an all-time high.
As of now, there are 2,742 such wallets, just one shy of yesterday’s record of 2,743. Collectively, these large holders control a staggering 47.32 billion XRP. This growing accumulation signals strong confidence from major investors in XRP’s long-term potential.
XRP Price Reacts
This trend of accumulation is already being reflected in XRP’s price. The token has reached its highest price level in seven weeks, currently trading above $2.40.
The last time XRP was at this level was in May. At press time, XRP is trading at $2.45, up over 5% on the day.
Ramos’s suggestion that going all-in on XRP should be a priority is a warning to investors not to miss out on the next wave. Recall that XRP defied expectations in the last quarter of 2024, leaving critics in regret after the coin delivered a 7x return.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
