XRP, along with the larger crypto market, is surging today, thanks to renewed positive sentiment around Bitcoin (BTC). BlackRock’s Spot Bitcoin ETF application has sparked a rally permeating the entire market.
XRP, the 6th largest crypto project, has rallied by 2.9% in the last 24 hours. On the weekly charts, the token has surged by 8.5%. Transactions on XRPL have remained steady throughout the year, apart from two spikes in March and April. Meanwhile, the number of new accounts created surged in early June but has since gone down.
Although the current market rally is led by BTC, there have been some positive developments in the XRP corner as well. Firstly, Ripple, the firm that mainly utilizes the token’s ledger, has received a Major Payment Institution license in Singapore. Secondly, the SEC vs. Ripple lawsuit has had many positive developments. The Hinman documents, which are a central piece of evidence for Ripple’s cause, were recently released.
These developments have created a bullish narrative for XRP. According to a “Crypto Rover,” a Bitcoin (BTC) maximalist and influencer, the token is a “must-hold for the next bull run.” The influencer also said that Ripple would win the ongoing lawsuit and that the “FOMO will be insane.”
However, XRP’s social scores don’t reflect the same bullishness. According to LunarCrush, the token’s social mentions have dropped by 73.4%, while engagements have fallen by 55.5%. Bullish sentiment has dropped by 74.5%, while bearish sentiment is down by 69.7%.
Is the IMF bullish on XRP’s design?
Recently, the IMF proposed the XC platform for cross-border settlements. The IMF mentioned that XRP’s design has a lot of advantages. The token’s backers are feeling positive after the IMF’s rising interest in using blockchain technology for international payments. These people think that the IMF’s interest in XRP indicated a possible plan to use it in international payments. The IMF has developed the XC platform to improve cross-border payments. It serves as a focal point where diverse parties, such as commercial banks and payment processors, can safely exchange digital copies of reserves held by central banks.
However, a pro-XRP Twitter user said that the IMF’s documents regarding the blockchain are not in favor of the asset. One issue raised by the plan, according to the XRP community influencer, is a condition placed on central banks wishing to use the XC platform. Such banks must make their financial reserves available to foreign private firms, according to the proposal. This element particularly worries the user. Nonetheless, the user acknowledges that the IMF’s mention of XRP is still a positive development.