The cryptocurrency market has recently turned bearish due to the failure of Silvergate Capital Inc. (NYSE: SI), a leading crypto banking company in the US. Nonetheless, the Ripple-backed XRP has seen gains of almost 3% over the previous seven days and traded at around $0.389 on Thursday. Significantly, over the past seven days, the prices of Bitcoin and Ethereum have decreased by almost 8%.
Crypto Bull, a well-known crypto analyst on Twitter, has implied that XRP is about to have a huge bull surge similar to the one that occurred in 2017–2018. Notably, during the early stages of improvement, the XRP value shaped related technical volatility.
Analysts therefore anticipate a major breakthrough of the XRP price should Ripple emerge victorious in the ongoing legal battle with the SEC. On the contrary, if the SEC wins the case outright, the crypto asset may plunge, much like LBRY.
Market Forecast for XRP
Apart from that, Ripple’s On-Demand Liquidity service has significantly increased global adoption of the XRP market. In response to the most recent XRP quarterly market report, Ripple introduced ODL services in France, Sweden, and Africa. It is now available in almost 40 markets for payouts.
A sharp increase in NFT buying and selling activity has been observed by the XRPL, which has helped to drive up XRP transaction burning. Moreover, the creators of Ripple have integrated XRPL with a number of high-level blockchains, including Ethereal via Persist.
Decentralized applications built on the XRPL can thus tap into the strength of other top blockchains without sacrificing security. Significantly, since the beginning of Ripple Net, 20 million transactions totaling over $30 billion have been handled by Ripple. Around 60% of the Ripple Net funds were sent through ODL as of 2022.
Nonetheless, XRP value is still being negatively impacted by token omics, since half of the circulating supply, or over 50 billion dollars, is held in escrow by Ripple.