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- XRP’s legal clarity as a non-security has yet to translate to price growth, contrasting Ethereum’s performance.
- Ripple’s CEO hints at XRP potentially surpassing Ethereum again if regulatory dynamics shift favorably.
- Garlinghouse advocates for XRP ETFs, predicting their inevitable approval, citing investor demand for diversified exposure.
Bill Morgan, a digital asset enthusiast, highlighted a crucial aspect of XRP’s legal journey. He noted that XRP, unlike many other cryptocurrencies, obtained a court ruling declaring the token as not a security. Despite this positive legal development, XRP’s price remains relatively stagnant, hovering just above its value 11 months earlier..
That may be so, but then XRP obtained something superior to the speech of a senior SEC official. It obtained an order of the court that the token itself is not a security. 11 months later and the XRP price is barely above what it was before that judgement even though the whole… https://t.co/XuDcUJVs6q— bill morgan (@Belisarius2020) June 5, 2024
This stagnation persists even as the broader crypto market has shown considerable growth. Morgan’s commentary highlights the complexities behind XRP’s market performance compared to Ethereum.
As reported by Zach Rector, an X user, Ripple CEO Brad Garlinghouse emphasized that XRP had surpassed Ethereum in the past before the latter received a more favorable stance from the SEC. He speculated on the potential of XRP to outpace Ethereum once more if regulatory dynamics shift in its favor.
Brad reiterates that #XRP had surpassed #ETH before it was “anointed” by the SEC. Would he keep bringing this up if it wasn’t going to happen again?— Zach Rector (@ZachRector7) June 4, 2024
Garlinghouse also advocated for creating multiple altcoin Exchange-Traded Funds (ETFs). He argued that investors seek diversified exposure, similar to holding both gold and silver, rather than a single asset. According to Garlinghouse, the approval of an XRP ETF is inevitable.
XRP’s price is $0.526985, with a 24-hour trading volume of $1,304,910,529. This represents a 1.10% increase in the last 24 hours, bringing its market cap to $29,221,492,105. The circulating supply of XRP is 55,450,358,947 coins, with a maximum supply capped at 100 billion coins.
In contrast, Ethereum is priced at $3,794.85, up 1.28% over the last 24 hours, with a trading volume of $14.654B. Ethereum’s market cap is significantly higher at $455.944B, with a circulating supply of 120.148M ETH coins.
The divergence in price performance between XRP and Ethereum can be attributed to several factors. Having received a clearer regulatory stance, Ethereum enjoys a more favorable position. This regulatory clarity likely contributes to its superior market performance.
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