XRP News Today: XRP Surges 277% Against Bitcoin Despite No U.S. Spot ETF

Dave Portnoy, a prominent internet personality, recently announced that he sold his XRP holdings at $2.40, only to miss out on significant profits as the cryptocurrency surged to $3.66 in the following weeks. This decision, influenced by advice from a friend who warned about potential competition from Circle, led to widespread reactions within the cryptocurrency community. Portnoy expressed his regret, stating that he had missed out on millions of dollars in potential gains.

Attorney John E. Deaton responded to the situation, clarifying that the advice Portnoy received was based on a misunderstanding. Deaton explained that XRP, the digital asset, does not compete with Circle, the firm behind the USDC stablecoin. Instead, Ripple, the company that uses XRP as a bridge asset, is in the same space as Circle. Deaton also mentioned that Ripple’s stablecoin, RLUSD, would compete with USDC, not XRP itself. This clarification highlighted the common confusion between Ripple and XRP, sparking a renewed debate about the need for clearer information about crypto assets and their uses.

XRP’s recent price surge has drawn significant attention, with the cryptocurrency rising 277% against Bitcoin over the past year. This performance occurred despite the lack of an approved spot ETF in the U.S. However, on July 18, ProShares launched its Ultra XRP ETF on NYSE Arca, with other firms such as Bitwise, Franklin Templeton, and Teucrium having pending applications for XRP-linked funds. Traders are closely monitoring the situation to see if approval for a U.S. spot ETF will follow.

Crypto analysts have noted that XRP’s growth has occurred without major treasury support or DeFi yield options. One analyst, known online as Dark Defender, pointed out a technical pattern known as a “cup and handle” that could signal more gains ahead. While the duration of the current rally is uncertain, XRP has captured the spotlight with growing investor interest, recent ETF activity, and price momentum. This could keep XRP in the focus of the market in the coming weeks.