Even though XRP adoption has surged dramatically since the start of the year, SOL’s over 10,000% price rise surprised many investors. XRP’s adoption by institutional investors has risen greatly this year. However, XRP’s price gains have matched the effect of that fact. Conversely, retail investors increased their demand for SOL after shattering rally records and gaining over 10,000%.
Hence, it was clear that investors preferred SOL’s price gains to XRP’s wider adoption. But it is rather unfair to analyze a digital asset’s performance strictly on price jumps. Even though XRP price rose by over 300%, which is tiny in comparison to SOL’s colossal price jump, it has had greater usability with institutional investors globally.
Ripple has been involved in various collaborations so far this year. The most notable ones include partnerships with the central banks of Egypt and Bhutan. A few months ago, the company announced the trialing of an XRP private ledger that will enhance central banks in any region to issue their national digital currencies. Ripple’s latest whitepaper termed the XRP, a connector for the issuance of CBDCs.
Solana And NFT
One of the reasons for the increasing demand for SOL is Solana’s recent foray into NFT. Before its NFT adventures, Solana was already gaining popularity with the many DeFi apps being built on the blockchain.
A top-level executive with the investment firm, Roca Junyent, Joaquim Matinero Tor, opined that “Solana’s almost zero fees, NFT forays, and DeFi apps have SOL the darling for many investors. However, XRP can’t achieve that objective yet as it continues to struggle with the SEC over regulatory breaches.” but he said, “XRP would have had a chance if not for the lawsuit.”
The Main Worry For XRP Price
One of EXMO UK’s top-level executives, Maria Stankevich, opined that “the level of sanctions Ripple will face in the hands of sec will have a significant effect on the XRP price. But I think the XRP price action in recent months has already even out the impact of the court case. Hence, XRP may not drop less than $0.59.” Stankevich added that, “despite facing serious challenges on home soil, Ripple’s businesses in other regions continue to flourish. For instance, Ripple’s ODL technology is already being deployed across nations in Africa, Asia, and Latin America.”
Responding to the vast demand for SOL, Stankevich revealed that “the fast growth of the blockchain’s DeFi projects has made Solana and its token (SOL) greatly enticing. Parrots and other Solana projects have earned digital assets worth several million dollars in the last seven days alone. Thus, it is no wonder that SOL is the most in-demand digital asset today.”
Despite Ripple’s sec issues, CryptoClear founder, John Mccalmley, opined that XRP holds a better long-term benefit for investors given its recent exploits outside America shores. Mcalmley said national digital currencies are now a matter of when not if they will happen.
He also said that the recent BIS report indicates that at least 75% of central banks in various regions desire to launch their national digital currencies. Hence, all of them will need Ripple’s ODL technology to achieve interoperability.
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