Kaiko Places XRP in Second Position
Kaiko, a crypto market data provider for institutional players, has just released its Q3 2024 ranking. The result is surprising: XRP shares second place with Ethereum, just behind Bitcoin. Solana and Dogecoin follow in the ranking, confirming the dominance of Ripple’s token over several major competitors.
This recognition is based on a rigorous methodology. Kaiko constructs a 100-point index analyzing multiple dimensions: Potential use cases, deployed resources, and quality of research and development. XRP scores particularly well on these criteria, especially thanks to the cross-border payment ecosystem developed by Ripple and its growing adoption in the banking sector.
The arrival of the first XRP ETF marks a turning point. Despite recent market volatility, this fund collected $100 million in just a few days, demonstrating real institutional appetite. Traditional investors are now seeking exposure to XRP without directly managing private keys, a classic sign of maturity for a crypto asset.
This institutional momentum contrasts with the still negative perception among some retail investors, marked by years of legal battle between Ripple and the SEC. But analysts now prioritize fundamentals and real adoption rather than past controversies.
XRP’s Rebounds from Critical Support at $2.10
XRP’s price recently experienced a turbulent zone, falling to $2.08 before bouncing toward $2.30. The $2.10 level played a major support role, attracting buyers after a rapid capitulation phase. The decline in trading volumes during the rebound suggests an exhaustion of selling pressure – a classic signal of a possible bullish reversal.
To confirm this sustainable reversal, XRP must break above its 200-day exponential moving average and see the RSI (Relative Strength Index) exceed its 14-day moving average, validating bullish momentum. If these conditions are met, technical analysts target an objective toward $4, while highlighting the high correlation between XRP and Bitcoin, which limits the autonomy of Ripple’s token.
These elements confirm the dominance of Ripple’s token over several major competitors. Automate your gains on XRP like 100,000 traders with Pionex!
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