XRP has recently overtaken Ethereum in major indicators, with the new SEC chairman's appointment, Coinbase's XRP futures product launch, large investor buying, and network activation driving price increases.
XRP closed trading with a 6% increase last Friday. Compared to BNB's 2% increase and TRX's 1% decline, it did not match the upward trend of top 10 cryptocurrencies by market cap. Bitcoin and Ethereum rose by 12% and 15% respectively, Solana by 15%, Dogecoin by 18%, Cardano by 17%, and SUI by 74%.
In this context, XRP is considered undervalued from a long-term perspective and is expected to provide an attractive buying opportunity for long-term investors in online and commercial communication markets.
Here are the five recent key trends driving market demand for XRP Token:
1. XRP Overtakes Ethereum in Fully Diluted Market Cap
XRP has maintained a performance above Ethereum for six consecutive months, ranking second in fully diluted market cap. XRP recorded $208.4 billion, while Ethereum recorded $192.5 billion.
As of April, XRP's fully diluted market cap is approximately 1/8 of Bitcoin's. As of April 25, Bitcoin's market cap was $1.8 trillion, Ethereum's was $215 billion, and XRP's was $128 billion.
2. Paul Atkins Appointed as New SEC Chairman
On April 21, Paul Atkins was appointed as the new SEC chairman. With experience in developing best practices for cryptocurrencies by establishing a global strategy and regulatory consulting firm in the private sector, expectations are high for a final resolution to the Ripple Labs lawsuit that has been ongoing since December 2020.
3. Coinbase Launches CFTC-Regulated XRP Futures
Nasdaq-listed cryptocurrency exchange Coinbase launched CFTC-regulated XRP futures in April. This is expected to be an indicator of cautious institutional investor demand after the SEC lawsuit is resolved.
4. Expansion of Large Investors' XRP Buying
In April, the proportion of large investors holding 10-100 million XRP increased by about 1%. This is expected to have a positive impact on XRP price increases.
5. Ripple Network Activation Surge
Ripple's daily active addresses increased by 67% from 27,352 to 40,366 in mid-April over 10 days. Simultaneously, the XRP price chart is forming an inverse head and shoulders pattern, suggesting an upward trend.
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