The XRP Ledger ecosystem is experiencing growth, and its top cryptocurrencies are driving the market’s gains.
While Coreum (COREUM) and Sologenic (SOLO) surged 21.6% and 21.4% over the last seven days, XRP has increased 11.8%.
The rally shows that XRPL-based assets are gaining traction, surpassing Polkadot (DOT) and Kusama (KSM), up 2.9% and 3.4%, respectively.
XRPL is a decentralized blockchain with an integrated decentralized exchange (DEX), trust lines for asset issuance, and sidechains for additional functionality. It was created for quick, inexpensive cross-border payments and asset tokenization. With support for non-fungible tokens (NFT), integration of smart contracts (Hooks), and the growth of DeFi applications, its ecosystem is growing.
While the XRPL Foundation and developer community continue improving the network’s capabilities, Ripple, a major contributor to XRPL, has spearheaded institutional adoption. As tokenization, payments, and DeFi innovation speed up, the recent spike in XRPL-related tokens indicates growing confidence in its ecosystem.
Why Is The XRP Ledger Ecosystem Driving Growth
To begin with, Grayscale‘s 19b-4 application for an XRP exchange-traded fund, or ETF, was recently accepted by the U.S. Securities and Exchange Commission (SEC).
Analysts now predict a spike in institutional investment if and when it is approved.
The odds appeal to polymarket bettors. The website, which allows cryptocurrency holders to wager on actual events, has an 81% chance of being approved this year.
According to JPMorgan analysts, a spot XRP ETF might attract up to $8 billion in institutional capital. If the XRP ETF is approved, it will be among the top cryptocurrencies that draw in institutional investors, right up there with Bitcoin and Ethereum, which are already spot ETFs.
Once authorized, Grayscale’s plan to convert XRP Trust into a tradable ETF would improve accessibility and liquidity for investors worldwide.
The approval process begins with the SEC’s acknowledgment. The likelihood has also undoubtedly increased due to Ripple CEO Brad Garlinghouse’s recent engagement with politicians in Washington, D.C.
Currently, XRP is trading at $2.78 with a $3.5 billion 24-hour trading volume.
