A popular cryptocurrency investor known for his disdain for the native token of the XRP Ledger, $XRP, has voiced an altered viewpoint on the digital currency. The analyst, who posts under the Virtual Bacon pseudonym, cited its perceived underwhelmed performance and concerns surrounding XRP’s centralization for being against it.
Yet, recent developments have seen the analyst revise his perspective to now express optimism on the digital currency, suggesting that XRP may very well dominate the space when it comes to performance in the next bull market.
The cryptocurrency investor noted on social media that he “hated XRP for years for its centralization and bad price performance,” but now believes it will “be one of the best performers in the next bull run. Most other large caps are either becoming fundamentally irrelevant or have already pumped.”
As CryptoGlobe reported, cryptocurrency investment products focusing on XRP have seen their assets under management rise 127% so far this year, and reported their sixteenth consecutive week of inflows last week, with $500,000 being invested in them.
The figure represents 12% of these products’ assets under management. Investors have increased their bets on XRP after earlier this year, a recent ruling from Judge Analisa Torres in the case the U.S. Securities and Exchange Commission (SEC) brought against XRP differentiating between sales to institutional investors and on exchanges, noting the token itself isn’t necessarily a security.
The ruling saw a number of cryptocurrency exchanges including Coinbase, Kraken, and Gemini relist the token, significantly boosting its liquidity. Earlier this week, however, the SEC revealed its intent to file an “interlocutory appeal” against Judge Analisa Torres’ recent ruling on Ripple’s programmatic XRP sales.
Notably, blockchain data shows that the XRP Ledger has been seeing over 1.2 million transactions per day since the beginning of August, surpassing the number of daily transactions seen on the second most popular network in the cryptocurrency space, Ethereum ($ETH), which has recorded 1.09 million a day.
Featured image via Pixabay.
