XRP Price Pumps 15% as Emerging Altcoin Solaxy Raises $20M
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 its been trapped in over the past ten days.
But XRP might not be leading the pack for long.
Solana-based Layer-2 solution Solaxy just passed the $20 million mark in its presale and some are wondering if it could outpace XRP once it goes live.
RWA Tokenization Fuels XRPs 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.
Its also overtaken USDT to become the third-largest cryptocurrency by market cap.
Several factors are driving up demand for XRP.
The main one is 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.
This pool lets users stake XRP to earn TBill tokens in return effectively offering yield from tokenized real-world assets.
According to Elysia, this offering will begin next week and aims to increase XRPs utility within the broader financial ecosystem.
In turn, it could attract investors seeking stable yield opportunities.
Thats why demand for XRP has spiked since its now seen as a gateway to tokenized RWAs.
XRP Derivatives Market Heats Up Amid Spot ETF Speculation
XRPs price rise is also being fueled by increasing speculation around a potential spot XRP ETF.
Optimism surged after the SEC acknowledged Grayscales filing to convert its existing XRP Trust into a spot ETF.
While this isnt a guarantee of approval, its seen as clear progress.
Bloomberg ETF analysts now estimate a 65% chance of XRP ETF approval this year, adding to the optimism.
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.
Its certainly a great end to the week for XRP holders.
Could Solaxy Beat XRPs Gains? Presale Hype Builds for New Solana Layer-2 Solution
XRP is clearly in a great spot but could Solaxy post even bigger gains later this year?
Thats the question many investors are asking as this new Solana Layer-2 project continues to hit milestones in its presale.
Much of the early buzz is due to Solaxys attempt to combine the fun of meme coins with serious blockchain technology.
Its main selling point is a scaling solution for Solana that aims to fix the congestion issues the network has been plagued with recently.
Basically, its designed to offer a smoother user experience.
And thats also where the native SOLX token comes in.
SOLX powers Solaxys whole ecosystem and is used for things like 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 Solaxys Layer-2 appeal, makes it one of the most anticipated crypto launches of early 2025.
Crypto expert ClayBro is all in on Solaxy.
He posted an in-depth review of the Solaxy project and said the SOLX presale will be next to sell out.
Fellow crypto expert Alessandro De Crypto took it a step further claiming SOLX could explode after it hits exchanges.
So, while its too early to say if Solaxy will live up to the hype, its strong early backing makes it one to watch.
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