The high valuation of XRP raises questions about its true market fit
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XRP has surged 370%, rising from about $0.50 on November 5 to over $2.40 currently. XRP may be one of the most successful cryptocurrencies following the election, having soared 370% from approximately $0.50 on November 5 to over $2.40 now, showcasing impressive performance.
"Despite extensive marketing, XRP has never really had a clear product-market fit. Overall, its traffic is quite low, and its valuation is much higher than some large companies," he stated, adding that the optimism surrounding the incoming Trump administration has driven XRP's price up more than its fundamentals. XRP @ $50? XRP @ $50? Clearly, with Trump’s re-election, the cryptocurrency market has triumphed. Bitcoin, the largest cryptocurrency in the world, has repeatedly hit new highs post-election. According to CoinGecko, Bitcoin surged to over $106,000 on Sunday, rising about 54% since Trump’s victory.
Matt Hougan, Global Research Director at Bitwise Asset Management, acknowledged that there is significant disagreement among investors and analysts regarding XRP's value and utility. However, he defended XRP’s ability to maintain community interest across various market cycles.
Hougan believes the technology has untapped potential. He stated that once regulatory conditions improve, we may see new applications and growth for XRP. Ripple is set to launch its own stablecoin
After receiving approval from the New York Department of Financial Services earlier this month, Ripple is about to launch its own stablecoin RLUSD. Ripple CEO Brad Garlinghouse stated that the product has been tested on the XRP Ledger and Ethereum and will soon make its debut on trading platforms.
RLUSD is designed to provide a stable digital currency,
As a stablecoin pegged to the US dollar, RLUSD will maintain its value around $1. However, according to Ripple’s Chief Technology Officer David Schwartz, RLUSD may face initial price volatility due to supply constraints.
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