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XRP Keeps Rising, up Another 10%, But is Investing in Metaverse and AI Smart?

Published July 19, 2023 10:56 AM
Teuta Franjkovic
Published July 19, 2023 10:56 AM
Key Takeaways
  • Bitcoin hovers around $30,000; Ethereum stable at $1,900; XRP and ADA jump up to 10%
  • XRP hit $0.80, signaling a significant recovery from the negative impact of the SEC lawsuit against Ripple Labs
  • Ripple and other firms have invested $54M in Futureverse, a metaverse infrastructure and content company

The price of Bitcoin, XRP, and other digital coins fluctuated during the last few days as traders waited for the right signals, but there was plenty of positive moving within the metaverse sector as well.

Despite suffering losses, Bitcoin rebounded since the biggest cryptocurrency token continued to trade over the $30,000 barrier. But Ethereum, its biggest rival, edged marginally higher and held above the $1,900 mark. Early on, there was volatility in the price of active altcoins.

Although BTC has fallen for three straight days, Edul Patel, co-founder and CEO of Mudrex, noted  that the cryptocurrency had gained an incredible 84 percent so far this year.

Ripple Labs Among the Investors In $54M Raise by AI Metaverse

$54 million has been raised for Futureverse in a new fundraising round. The organization, which consists of 11 firms, has operations in a variety of industries, including blockchain, gaming, metaverse, and artificial intelligence (AI) and Ripple Labs (XRP) was one of the most significant investors.

Crypto investment firm 10T Holdings took the lead in the most recent Series A financing. Ripple Labs (XRP), a company specializing in blockchain payments, but nowadays it can be seen in metaverse sector, was another investor.

Recently, Ripple Labs has made investments in several businesses. It purchased cryptocurrency custody company Metaco for $250 million in mid-Q2. At that time, Ripple executive Brad Garlinghouse said the company intended to broaden its service offering and increase its global presence.

Ripple has recently partnered with a number of other businesses and is already well-known in the ODL and cross-border payments industries.

It also checked a box with the launch of its CBDC platform in May. The corporation is now exposed to the Metaverse and gaming as well since it spent money on Futureverse.

Aspects of Blockchain and Beyond

Futureverse said  in the official press release that obtaining money for the business had become a “tricky process” because of the turbulence in the cryptocurrency market in recent months. He also revealed how difficult the “massive merger” was to understand. The company was founded in late 2022 as a tie-up of eight companies.

It eventually expanded its umbrella to include three more companies.

20% of the company’s employees were reportedly let go as part of the restructuring. It currently employs about 250 people. According to the release, despite the challenging circumstances, the company is now in a “more competitive position.”

The co-founder Aaron McDonald said that this consolidation has given it “a lot more stability and resilience to kind of weather that storm.”

The executive recognized that blockchain technology plays a significant role in Futureverse’s operations. He noted, though, that the company’s reach goes much beyond that. He stated:

“Since blockchain only makes up about 10% of our tech stack, I don’t want people to think of us as a blockchain company.”

Evidently, the market’s focus has recently turned from the Metaverse to AI. McDonald emphasized that both technologies will win out in the end, though. He claims that the current buzz is “underplaying” the effect.

XRP Surpassing BTC – Again

The bulls are steadfast in keeping Bitcoin above the $30,000 level, despite bears’ attempts to drive it lower. By continuing its winning run for a third day, XRP has surpassed BTC in gains and has seen an increase of over 9% over the last 24 hours and over 70% over the last week.

The most recent increase appears to be based on an investment in a metaverse and AI company.

Top crypto assets traded in a varied manner on July 19. XRP, one of the gainers, increased by about 10%, while Cardano and Bitcoin Cash each saw gains of 4%. Litecoin increased by 2%. Avalanche, Polygon, and Polkadot, on the other hand, all had declines of over 3%.

The market capitalization of all cryptocurrencies was trading slightly higher, reaching the $1.21 trillion milestone, as it increased marginally, more than 1% in the previous 24 hours. The entire trading volume, however, fell by nearly 7% to $32.78 billion.

The cryptocurrency markets saw little change, but investors’ confidence in the potential of Bitcoin exchange-traded funds (ETFs) remained high.

The SEC recently approved a second Bitcoin ETF application from asset manager Valkyrie for review, following the approval of a similar application from BlackRock the week before.

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