- Ripple’s XRP experiences a staggering 2703% increase in tokens on the Coreum Network.
- Anticipation of a supply shock and heightened interest in Ripple’s XRP hint at a potential price surge to $3.
The recent announcement of Ripple’s expansion of its On-Demand Liquidity (ODL) corridor has had a substantial impact on the XRP ecosystem. A report from Ailtra Platform highlights this expansion, which correlates with a remarkable increase in XRP token volume, stirring excitement and speculation within the XRP community about its future valuation. This development is part of Ripple’s broader strategy to enhance its ODL service, which utilizes XRP as a bridge currency for cross-border payments.
Currently, over 1.6 million XRP tokens are circulating within the Cosmos ecosystem, facilitated by the XRPL Coreum Bridge. This significant increase has positioned Ripple’s XRP at the cusp of a notable price shift, fueled by a looming supply shock.
Enhanced Network Interoperability Boosting XRP’s Appeal
The recent integration of a bridge connecting the XRP Ledger (XRPL) and Coreum has markedly enhanced asset movement and accessibility, as detailed in a CNF YouTube video. This innovation has led to a dramatic increase in XRP holders on Coreum, now totaling 191, with over 57,191 tokens bridged. Notably, a considerable volume of these tokens, approximately 1.2 million, are now active in liquidity pools on the Pulsara decentralized exchange, igniting speculation about XRP’s future in the community.
Market Dynamics and Legal Trials Influencing XRP’s Future
The anticipation of a possible XRP token shortage, alongside its increasing utility and market availability, hints at a bullish future. Ripple’s XRP has recently rebounded, with its value rising to $0.64 and market capitalization surpassing $35 billion. Key events such as the upcoming Ripple-SEC legal trial and the Bitcoin halving are closely monitored by analysts, with implications that could propel XRP’s price towards the anticipated $3 mark.
Zach Rector, a blockchain expert, emphasizes the significance of these developments in a tweet, highlighting the burgeoning role of bridges, DeFi, and the consequent increase in XRP burn rates.
Wow! Y鈥檃ll that I was playing when I said there would be an #XRP Supply Shock!
This is just the start of bridges, DeFi and XRP being locked up! Also, as activity picks up, more XRP is being BURNED!https://t.co/hr3wQf0qjS
— Zach Rector (@ZachRector7) April 9, 2024
ODL Network Growth Amidst Regulatory Challenges
Despite facing regulatory challenges, notably the ongoing lawsuit with the SEC, Ripple Labs has continued to aggressively expand its ODL customer network. This persistent growth, against a backdrop of legal battles, has led to heightened market expectations. As covered in a previous CNF update, the relentless expansion of Ripple鈥檚 ODL network, even amidst SEC legal challenges, has fueled market optimism. Analysts and investors are now speculating a potential surge in XRP’s price, with predictions suggesting a target of $2 in the near term.
Despite facing legal challenges with the SEC, Ripple Labs continues to expand its ODL Customer Network, maintaining a positive market sentiment. There has been widespread speculation about XRP’s price potentially reaching the $2 mark. As of this writing, Ripple (XRP) is trading at $0.6111, experiencing a minor decline of 1.12% in the past day but showing a gain of 4.16% over the past week. Refer to the price chart below for more details.
