XRP is back in the green, suddenly jumping 15% and getting crypto traders excited. The token has managed to break out of the sideways range it has been trapped in over the past ten days. However, XRP might not be leading the pack for long, as Solana-based Layer-2 solution Solaxy just passed the $20 million mark in its presale, prompting speculation about whether it could outpace XRP once it goes live.
RWA Tokenization Fuels XRP’s Latest Price Pump
XRP climbed as high as $2.78 during intraday trading but has settled around $2.73. This rally has positioned XRP as the top-performing altcoin in the past 24 hours, even overtaking USDT to become the third-largest cryptocurrency by market cap. Several factors are driving up demand for XRP, with the main one being the initiative by Elysia, a firm specializing in real-world asset (RWA) tokenization, to introduce these assets to the XRP ledger.
Elysia has launched a new RWA Pool featuring TBill tokens backed by U.S. Treasury Bills, allowing users to stake XRP to earn TBill tokens in return. This effectively offers yield from tokenized real-world assets. According to Elysia, this offering will begin next week and aims to increase XRP’s utility within the broader financial ecosystem, potentially attracting investors seeking stable yield opportunities. Consequently, demand for XRP has surged, as it is now seen as a gateway to tokenized RWAs.
XRP Derivatives Market Heats Up Amid Spot ETF Speculation
XRP’s price rise is also being fueled by increasing speculation around a potential spot XRP ETF. Optimism surged after the SEC acknowledged Grayscale’s filing to convert its existing XRP Trust into a spot ETF. While this isn’t a guarantee of approval, it is seen as clear progress, with Bloomberg ETF analysts estimating a 65% chance of XRP ETF approval this year.
The impact is clear in the derivatives markets, where over $10 million in short XRP positions have been liquidated in the past 24 hours. This liquidation frenzy, along with a nearly $300 million spike in XRP futures open interest, points to strong conviction behind the rally. It’s certainly a great end to the week for XRP holders.
Could Solaxy Beat XRP’s Gains? Presale Hype Builds for New Solana Layer-2 Solution
While XRP is clearly in a great spot, could Solaxy post even bigger gains later this year? This question is on the minds of many investors as the new Solana Layer-2 project continues to hit significant milestones in its presale. The early buzz stems from Solaxy’s attempt to merge the fun of meme coins with serious blockchain technology, designed to offer a smoother user experience by addressing the congestion issues the Solana network has faced.
Moreover, the native SOLX token powers Solaxy’s ecosystem and is utilized for transaction fees and governance voting. Token holders can also stake their SOLX for market-beating yields – estimated at 195% per year. This passive income potential, combined with Solaxy’s Layer-2 appeal, makes it one of the most anticipated crypto launches of early 2025. Crypto experts like ClayBro and Alessandro De Crypto have voiced strong support for Solaxy, indicating its presale could quickly sell out and that SOLX could explode once it hits exchanges.
While it’s too early to predict whether Solaxy will live up to the hype, its strong early backing indeed makes it one to watch.
Disclaimer: The above article is sponsored content; it has been written by a third party. CryptoPotato does not endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post XRP Price Pumps 15% as Emerging Altcoin Solaxy Raises $20M appeared first on CryptoPotato.
