Ripple’s new report underscores a promising future for blockchain. XRP is failing to raise enough volume to overcome short-term hurdles.

There is a growing consensus on the idea that blockchain technology will be embedded in global finance. More people believe in that possibility now more than ever, including leaders in the financial industry.

How much are 1,10,100 XRPs worth today

In fact, the number of financial industry executives jumping on the blockchain hype train is at an all-time high. According to Ripple’s 2023 New Value Report, more than 90% of financial industry leaders are now believers.

The same report claims that they expect blockchain to have an impact not only on the financial sector, but also on businesses, but also on society in general.

The same report found that 58% of finance industry heads believe payments will be the biggest benefit of blockchain and crypto. Especially cross-border payments. Tokenization was also one of the use cases that will drive growth according to the correspondents. Interestingly, the two fall within the scope of Ripple’s business.

Ripple is uniquely positioned to capitalize on the opportunities in the cross-border and tokenization segments. The protracted legal battle between Ripple and the SEC is the biggest drawback or deterrent to its plans.

What lies ahead for XRP?

While recent developments have shifted the possible outcome of the lawsuit in Ripple’s favor, there is still the risk of a different outcome. Traders and investors are aware of this, which is why XRP has struggled to recover above USD 0.50.

XRP was trading at $0.47 at the time of writing after falling for the past three weeks. Traders should note that as of July 12, it struggled to secure directional volumes at a rising support level. Also, the price action showed some weakness in the support suggesting a notable opportunity for a decline.

Source: TradingView

XRP’s cash flow recently registered a bit of an uptick after almost diving into oversold territory. This doesn’t necessarily mean it’s safe for the bears. On the other hand, there are some in-chain findings that could support a bullish bounce in the coming days.

Realistic or not, here is the market cap of XRP in terms of BTC

Investor sentiment has risen steadily over the past 30 days, as evidenced by the weighted sentiment metric. Ripple’s growing development activity could also be a factor contributing to growing investor confidence.

Source: Sentiment

While the above findings indicate a potential upside, low buying pressure continues to hold back the XRP bulls. This is accompanied by uncertainty about the legal battle.

This post Ripple seems optimistic; will XRP follow suit?

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