- XRP faces price declines but remains resilient amid Bitcoin’s struggles.
- Analysts debate Ripple’s impact, with concerns over lobbying against Bitcoin.
- SBI VC Trade expands lending services, boosting XRP adoption and utility.
Ripple’s XRP has seen price declines recently. As a result, this has led to mixed reactions from analysts. Some think the cryptocurrency is struggling due to outside factors. However, others argue it remains strong against Bitcoin (BTC). Adding another layer to the story, Japanese exchange SBI VC Trade has increased its cryptocurrency lending services, which adds more options for XRP holders
Conflicting Views on Market Performance
Tony Edward has pushed back against Bitcoin maximalists. Specifically, he says they are unfairly singling out XRP’s decline when the entire crypto market is experiencing a general downturn.
As of press time, trading at $2.19, XRP has dropped by 3.36% in the past 24 hours and 18.33% over the last seven days. With a circulating supply of 58 billion, its market cap currently stands at approximately $126.96 billion.
Related: XRP Bulls Show Strong Presence as Bears Face Rejection at Historic Support Level
Bearish View: Ripple Lobbying Allegations
Conversely, Pierre Rochard presents a different perspective. He claims XRP has been on a downward trend since allegations against Ripple surfaced.
According to Rochard, the company is aggressively lobbying against the Strategic Bitcoin Reserve (SBR). He further states they are spending millions to sway politicians and halt the initiative.
Expanding on his bearish stance, Rochard alleges Ripple has also targeted Bitcoin mining regulations. He suggests this is to safeguard its own market position and promote central bank digital currencies (CBDCs) developed on its platform.
Related: XRP/BTC Pair Soars by Over 30% Amid Broad-based Market Rally
Bullish Analysts See XRP Strength vs. Bitcoin
Despite these bearish concerns, it’s worth noting that some analysts remain optimistic about XRP’s future. For example, EGEAG CRYPTO believes XRP is demonstrating considerable strength against BTC. Based on their analysis, XRP is in a bullish formation. This view is supported by historical data and total market capitalization trends.
To support their outlook, they have identified potential price targets. These include Fib 1.272 at $0.000072, Fib 1.414 at $0.000095, Fib 1.618 at $0.00014, and Fib 1.888 at $0.00023. However, they also add a note of caution: to maintain an upward trend, XRP needs to stay above Fib 0.618 at $0.000020..
SBI VC Trade Expands Crypto Lending, Now Featuring XRP
Shifting away from price movements and analyst opinions, let’s look at adoption.
XRP adoption continues to grow in other areas. SBI VC Trade, a part of the Japanese financial giant SBI Group, has recently launched applications for its cryptocurrency lending service.
The exchange offers users the ability to earn interest on their crypto holdings. Notably, this includes XRP, Bitcoin, and Shiba Inu (SHIB), among a total of 37 cryptocurrencies available for lending. Interest rates will vary. They depend on the specific asset and current market conditions. Currently, Polkadot (DOT) is offering interest rates as high as 20%.
SBI Holdings first entered the crypto lending market in November 2020. Since then, they have been gradually expanding their services. XRP was integrated into their offerings in 2021. This integration highlights sustained institutional interest in the asset. Ultimately, this new lending service presents XRP holders with an opportunity to generate passive income. They can now earn returns instead of simply holding their assets dormant.
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