XRP has recently been recognized as a store of value by Grayscale and Artemis, two prominent firms in the cryptocurrency market.
This classification is due to XRP's unique features, such as its hard-capped supply, which sets it apart from other digital assets.
Grayscale and Artemis have included XRP in their list of cryptocurrencies that serve as mediums for exchange, stores of value, and peer-to-peer transactions.
Ripple's CEO, Brad Garlinghouse, is optimistic about XRP's future, especially with recent regulatory developments.
He believes that XRP is now free from the regulatory challenges that have hindered its growth in the past, which is expected to lead to increased adoption and market performance.
XRP currently has a market capitalization of $141 billion, making it one of the top cryptocurrencies.
Garlinghouse compares XRP's potential growth to a basketball held underwater, suggesting that it is poised for a significant upward movement.
Analysts predict that XRP could reach $5 soon, and recent technical analysis supports the idea of potential price increases.
However, there is also a cautionary note about the volatility of the cryptocurrency market.
Overall, analysts remain optimistic about XRP's future trajectory, with many predicting a significant surge in the near future.