Ripple Labs-backed XRP has gradually slipped from the top-tier most valuable digital assets due to the headwinds from the ongoing legal battles. According to crypto data provided by Coinmarketcap, XRP had a market cap of around $25.9 billion. The rise of Circle’s USDC to the sixth top most valuable digital asset displaced XRP further downwards.
If the Telegram-backed Toncoin continues with the same growth rate in the coming months, XRP will soon be outshined.
Will XRP Survive Ripple’s Tribulations?
The XRP global community has suffered lower esteem compared with other web3 projects following intensified legal actions. Moreover, XRP is older than Ethereum (ETH), Solana (SOL), and BNB, but continues to trail behind.
Interestingly, the Ethereum ecosystem is anticipating the listing of spot Ether ETFs after the US SEC dropped investigations into securities violations. The Solana network could also have its first spot ETFs soon in Canada.
Silver Lining
The Ripple team remains optimistic of a better future with clearly defined regulations in the United States. Following last year’s ruling that XRP sales on exchanges do not violate securities laws, Ripple has accelerated the XRPL developments.
Notably, Ripple has intentions to launch a U.S. dollar stablecoin on the XRPL and Ethereum network later this year.
Already, Ripple has launched an XRPL EVM sidechain to facilitate multichain web3 developments.
Midterm XRP Price Prediction
After more than six years of macro triangular consolidation, the XRP price has approached the apex, thus signaling to inevitable breakout. According to a popular crypto analyst alias Captain Faibik, XRP price has already bottomed out from the recent Bitcoin-led crypto correction.
As a result, the crypto analyst believes XRP price against the US dollar is well primed for a 300 percent rally towards $2 in the near term.
