The cryptocurrency space is having a long, extended moment and nothing more ripple (XRP). The currency focused on cross-border payments has been on an absolute tear since Trump’s election win, rising more than 500% since early November.
Riding a wave of euphoria with the promise of a friendlier regulatory backdrop to operate in, Ripple stands to benefit from such a development. It has been engaged in an ongoing legal battle with the Securities and Exchange Commission, which is appealing a ruling that deems automated sales of XRP (those made on exchanges) not securities.
With SEC Chairman and well-known crypto opponent Gary Gensler gone and set to be replaced by Trump’s pick, Paul Atkins, who is seen as more crypto-friendly, investors are hoping the SEC case will be dropped altogether.
Other developments also helped maintain the rise. In December, Ripple launched its own stablecoin, RLUSD, aiming to challenge market leader Tether in this lucrative corner of the cryptocurrency market. It is worth noting that Tether reported record net profits of $5.2 billion in the first half of 2024.
Meanwhile, as was the case with Bitcoin and Ethereum, there is likely to be an ETF on the way, with four companies applying for a spot XRP ETF already. Since the launch of the first ETF in January last year, the price of Bitcoin has risen by more than 120%.
All of this activity, combined with the potential for future gains, has changed the mind of investor Practical Crypto Capital, who previously stated that there is “no reason to hold XRP for the long term.” However, the investor now admits that his hypothesis was wrong, admitting that he underestimated the strength of the rally.
To be fair, PCC is still not a big fan of Ripple but that’s not saying much at the moment.
“I still don’t care for Ripple. I still don’t believe the narrative that XRP will be the global currency or replace SWIFT in money transfers,” the PCC said. “But there is strength in the chart, positive events coming, and a very passionate community behind XRP. In order to make money, that must be respected.”
While no one knows where things will go from here, the bull market is likely to continue into 2025, and the upside, according to PCC, “could be massive.”
“With all the growing momentum for XRP, I think it could easily provide another price doubling, and perhaps much more,” the investor summarized.
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Disclaimer: The opinions expressed in this article are solely those of the featured investor. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
