Ripple’s XRP has witnessed an astounding surge of 2,703% in token circulation on the Coreum Network. This surge has sparked anticipation of a supply shock and generated increased interest in XRP, indicating a potential price surge to $3. The recent announcement of Ripple’s expansion of its On-Demand Liquidity (ODL) corridor has had a significant impact on the XRP ecosystem. A report from Ailtra Platform highlights this expansion and its correlation with a remarkable increase in XRP token volume. 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, there are over 1.6 million XRP tokens circulating within the Cosmos ecosystem, facilitated by the XRPL Coreum Bridge. This substantial increase positions Ripple’s XRP on the verge of a notable price shift, fueled by an imminent supply shock. The recent integration of a bridge connecting the XRP Ledger (XRPL) and Coreum has significantly boosted asset movement and accessibility. A CNF YouTube video details this innovation, which has led to a dramatic increase in XRP holders on Coreum, 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, sparking speculation about XRP’s future.
The anticipation of a potential XRP token shortage, coupled with its increasing utility and market availability, suggests a bullish future for Ripple’s XRP. The token 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 drive XRP’s price towards the anticipated $3 mark. Blockchain expert Zach Rector emphasizes the significance of these developments, highlighting the growing role of bridges, DeFi, and the subsequent increase in XRP burn rates.
Despite facing regulatory challenges, particularly the ongoing lawsuit with the SEC, Ripple Labs has continued to aggressively expand its ODL customer network. This persistent growth, despite the legal battles, has raised market expectations. Analysts and investors now speculate a potential surge in XRP’s price, with predictions suggesting a target of $2 in the near term. Despite the legal challenges, Ripple Labs maintains a positive market sentiment and widespread speculation about XRP reaching the $2 mark. As of now, Ripple (XRP) is trading at $0.6111, experiencing a slight decline of 1.12% in the past day but showing a gain of 4.16% over the past week.