Is XRP the new Bitcoin?

As Bitcoin climbs to unprecedented heights, there’s growing interest in the performance of other significant altcoins. XRP stands out with a remarkable 17% increase in its weekly price as of March 13, 2024. Let’s discover the potential links between this surge and recent Bitcoin price movements in the article below!

In March 2023, Bitcoin’s price soared past 73,000 USD, buoyed by the US SEC’s approval of Bitcoin ETFs and the UK FCA’s allowance of cryptoasset-backed Exchange Traded Notes (cETNs). Specifically, on March 11, the UK’s Financial Conduct Authority (FCA) announced its openness to letting professional investors, such as investment firms, trade cETNs within a regulated UK market. These cETNs must comply with stringent UK financial regulations, including comprehensive disclosure and continuous reporting, to guarantee transparent and fair trading.

While it may seem that all eyes are currently on Bitcoin, XRP has also captured investors and crypto enthusiasts’ attention, achieving a significant 17% increase over the past week. Ripple’s CEO, Brad Garlinghouse, took to Twitter to comment on this trend, noting the impact of rising Bitcoin ETF volumes and the forthcoming halving event. He highlighted that sustainable growth in the crypto market must pair with real-world cryptocurrency applications. This blend of market enthusiasm and practical use signifies the genuine and unavoidable advancement in the cryptocurrency realm, suggesting XRP’s untapped potential.

Following the endorsement of Bitcoin ETFs, Garlinghouse advocates for an XRP ETF to aid investors in diversification and risk mitigation. Echoing this sentiment, Martin Hiesboeck, Head of Research at Uphold Exchange, also anticipates an inevitable XRP ETF, given XRP’s significant recent gains.

The current bullishness in the crypto market is captivating many. However, we aim to caution beginners about the inherent volatility of cryptoassets and encourage them to educate themselves on cryptocurrency and blockchain technology before investing. Our academy section offers comprehensive insights into how these technologies function.