XRP has been on a strong run lately, jumping 60% in the past month and beating out big names like Bitcoin, Ethereum, Solana, and Dogecoin. But the rally stirred up some confusion. Popular media figure Dave Portnoy sold his XRP, thinking that Circle, the company behind stablecoin USDC, was competing directly with Ripple.
That assumption turned out to be wrong, and costly, as XRP surged another 38% in just two weeks after his sale. However, this came just after Ripple had officially applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), showing it’s serious about stepping into traditional finance, just like Circle is trying to do.
Pro-XRP Lawyer Clears the Air
Crypto lawyer John Deaton stepped in to clear the air, stating definitively that XRP, the token, is not in direct competition with Circle. He emphasized that Ripple, the company behind XRP, is entering the stablecoin market with its new asset RLUSD, not XRP itself. Deaton reiterated that while Ripple and Circle operate on the same fintech infrastructure layer, XRP is a digital asset designed for liquidity and cross-border payments, not a stablecoin rival.
Analyst Take a Deep Insight
Ripple has introduced RLUSD, its own stablecoin, aimed at carving out a share in the booming tokenized financial assets space. Ripple has already partnered with institutions like Anondo Finance, linked to JPMorgan, BlackRock, and Chase, positioning RLUSD for rapid traction. According to Crypto analyst Zach Humphries, confusing Ripple’s business ventures with XRP’s use case is a common mistake that can lead to misinformed trading decisions.
Humphries highlighted XRP’s breakout above the $2.32 resistance, a critical level aligned with the 200-day moving average. A “momentum up” buy signal was triggered by the XTLGO trading software around $2.40, and since then, XRP has gained over 43%. The token recently touched $3.65 before pulling back to $3.45, a healthy correction after its steep run.
Conviction Pays Off
Humphries shared that despite years of criticism, staying convicted to top-10 assets like XRP has paid off. He recalled XRP’s prolonged stagnation below $2.25 and how he saw the $2 level as the new accumulation zone. While volume typically dips during weekends, he’s eyeing Monday for a potential continuation of the rally as institutional volume returns.
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FAQs
RLUSD is Ripple’s new stablecoin, designed to enter the tokenized financial assets space and partner with major financial institutions.
After hitting $3.65 and correcting to $3.45, analysts are eyeing Monday for a potential continuation of the rally as institutional volume returns, following its 60% monthly surge.
XRP may be worth investing in for those seeking legal clarity and exposure to institutional crypto adoption.
