Over the past 24 hours, Ripple’s $XRP coin reclaimed the $3 level before falling back just below. But is this a sign of a bullish resurgence or a temporary high before it slips right down again?
With the White House releasing its crypto policy report and $RLUSD’s market cap growing, signs may point to the former.
According to the report’s proposal, the CFTC will oversee the spot crypto markets, which could reduce the risk of the SEC getting its hands on Ripple Labs in the future. This is seen as a green flag, boosting confidence in Ripple and its $XRP coin.
As the first crypto, Bitcoin has a level of prestige that no other coins have. But its status as a pioneer also has downsides; transactions are slow and expensive, and the chain has limited scalability.
The key to this is the creation of a Bitcoin Layer 2. More than just making Bitcoin faster and cheaper, it’ll retain the robust security the chain is known for.
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With $XRP’s most recent rally, investors are cautiously optimistic about a new round of altcoin surge. The White House’s July 30 report and $RLUSD’s $600M market cap should help put some legs on $XRP’s and the altcoin market’s rebound.
Disclaimer: Please do your own research before you invest. This is not investment advice.
