2024-7-23 12:00 |
Crypto analyst CryptoCondom (@crypto_condom), who had previously been a vocal critic of XRP, has done a U-turn and is now endorsing the crypto asset as a potential investment to his 82,400 followers. This turnaround is rooted in an analysis of Ripple’s lawsuit with the US Securities and Exchange Commission (SEC) and its implications for the XRP price.
4 Reasons To Be Bullish On XRP@crypto_condom, who had never envisioned investing in XRP, disclosed that his change of perspective was prompted by what he perceives as an overshoot in the recent sell-off, triggered by delays in the Ripple-SEC settlement. His analysis suggests that the resolution of this lawsuit could catalyze a series of transformative developments.
“Never in my life did I think I’d want to own/long some XRP…but here we are. I think it got oversold the other day on its settlement delay. In my mind, the Ripple settlement will RAPIDLY [propel 4 reasons to be bullish on XRP],” the analyst remarked.
Firstly, the conclusion of the lawsuit between Ripple and the SEC is expected to clarify the regulatory status of XRP, potentially allowing Ripple to resume operations at full capacity within the United States. “[It will] permit the company to operate again in the US,” @crypto_condom claimed.
Historically, despite Ripple securing over 31 money transmitter licenses across various states, the persistent legal uncertainty has significantly hampered broader institutional adoption of XRP. In the past, Ripple CEO Brad Garlinghouse unveiled that institutions like the Bank of America are waiting on the sideline until the resolution of the lawsuit. Moreover, Ripple and MoneyGram parted ways due to SEC lawsuit.
Secondly, @crypto_condom points to the potential listing of XRP futures on prominent US exchanges such as Coinbase following the lawsuit’s resolution. This would not only enhance XRP’s liquidity but also its visibility and attractiveness to a broader range of institutional investors.
Furthermore, this regulated futures market of significant size could pave the way for an US based spot XRP ETF, according to the crypto analyst. “MAYBE allow it to get an ETF someday via a second tier issuer (has CFTC futures). As shown by the massive success of the US spot Bitcoin ETFs, this could mark a significant milestone in providing retail and institutional investors with a regulated vehicle to invest in XRP, thereby broadening its investor base.
Fourth, the prospect of a Ripple Initial Public Offering (IPO) also looms large, contingent upon a shift in the regulatory environment. @crypto_condom speculates that a potential presidential win by Donald Trump, who is perceived as more favorable towards the crypto industry, could create a regulatory climate conducive to such a move.
Ripple CEO Brad Garlinghouse has previously noted that an IPO under the current regulatory conditions would be impractical, signaling that the company’s strategy could pivot dramatically with changes at the federal level.
Price Target And Community ReactionsDespite his newly minted support for XRP, @crypto_condom remains guarded about its price potential. In a spirited exchange with his followers, he tempered expectations, dismissing the possibility of XRP reaching $10 even in the most bullish scenarios, though he conceded that a climb to near $1 might be within reach.
This careful optimism stands in contrast to more bullish projections within the community. For instance, a user named Nefarious boldly predicted that “6 years accumulation will break and XRP will send $10+ easy,” a sentiment that @crypto_condom sharply refuted. He responded, “errr…$10 is not a snowballs chance in hell. Close to $1 possible though.”
At press time, XRP traded at $0.5994.
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