XRP's price has bounced back above $2.10 after hitting a three-week low of $2.09. However, traders remain divided on the asset’s long-term dominance.
Overview of the Current Situation with XRP
Whale accumulation has reached record levels, with 2,700 addresses now holding at least one million XRP, which is the highest in the network's history.
Accumulation Data and Institutional Investments
Daily payment volume on the XRP Ledger has skyrocketed over 1,000% since June 15. The pending upgrade known as XRP 2.0, which will introduce AMM, side-chain, and smart contract features, could solidify the ledger's role in cross-border settlements by early 2025.
Technical Aspects and Market Hurdles
Despite the positive metrics, XRP faces technical and regulatory hurdles. Developers must complete the approval of several protocols before XRP 2.0 can fully launch. Delays could undermine current positive expectations.
Whale accumulation, surging payment volume, and a clear technical roadmap provide a strong premise for XRP 2.0. However, execution risks and regulatory uncertainties could delay timelines.
