As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. When it comes to XRP, I find TheXRPguy’s analysis compelling. While I am not one to blindly follow analysts’ opinions, his reasoning is solid and based on well-researched events that could potentially drive the price of XRP higher.
It appears market players are aiming to bank their earnings, given the drop in XRP’s price following its steep surge. The analyst known as TheXRPguy has provided seven explanations for those considering selling their coins, indicating that further significant price increases may still occur.
More XRP Price Rallies Lie Ahead As Analyst List Reasons Not To Sell
In a recent post on X, TheXRPguy proposed that further increases in XRP’s price could be imminent. He outlined seven indicators that investors should watch before deciding to offload their coins. The initial factor he highlighted was the upcoming launch of RLUSD. RLUSD is a stablecoin pegged to the US dollar, set to debut on the XRP Ledger (XRPL) as Ripple gets closer to gaining approval in New York.
It’s possible that the RLUSD (Ripple LocalUMD) could significantly increase the cost of XRP, as it will add more liquidity to the digital coin’s market.
Mentioned in the third point was Gary Gensler’s official exit from the US Securities and Exchange Commission (SEC). Notably, this departure coincides with Donald Trump assuming office. Given that Gensler played a key role in the lawsuit against Ripple, his departure could be seen as positive for XRP prices because the legal action against Ripple had previously put downward pressure on the crypto market.
According to TheXRPguy, the Ripple case might conclude following Gensler’s departure. He emphasizes that this is the fourth significant event investors should keep an eye on before deciding to sell. It’s worth noting that there’s a strong possibility for the lawsuit resolution, considering Donald Trump has proposed Paul Atkins, a pro-crypto figure, as the potential next US SEC Chair.
Three Other Reasons Not To Sell XRP Yet
TheXRPguy listed the altcoin season, a potential Ripple partnership, and an XRP ETF approval as the events to wait for before selling one’s XRP. Blockchain Center data shows that the altcoin season has begun, which is bullish for XRP since it could record significant gains during this period.
In the meantime, the analyst anticipates that Ripple might collaborate with a major financial institution for its payment system. Such collaboration could boost the price of XRP as it signifies increased institutional adoption of XRP. Additionally, the analyst hinted at the potential approval of an XRP ETF, which would further enhance the positive perspective on cryptocurrency.
These entities – Bitwise, Canary Capital, 21Shares, and WisdomTree – have all applied for a Spot XRP Exchange-Traded Fund (ETF). Considering Atkin’s favorable view towards cryptocurrencies, it is possible that this application could be approved under the next administration. Notably, the court has previously classified XRP as not being considered a security.
Currently, the value of XRP stands approximately at $2.39 per unit, marking a decline of more than 9% in the past day as indicated by information from CoinMarketCap.
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2024-12-07 02:11