Market participants seem to be taking advantage, seeing how the price of XRP has corrected since its inception recent parabolic rally. Analyst TheXRPguy outlined seven reasons why those who have yet to profit should hold off on selling their coins, suggesting that there are more symbolic rallies ahead.
Some XRP Price Rally Continues As Analyst Lists Reasons Not To Sell
In an X postTheXRPguy suggested that more XRP price rallies are expected. He listed seven things market participants should wait for before selling their coins. The first thing he said was the launch of RLUSD. RLUSD is a dollar-backed stablecoin expected to launch on the XRP Ledger (XRPL) in the near future as Ripple is close New York approval.
RLUSD may provide a significant boost to the value of XRP as it will add more liquidity to the coin’s ecosystem. The second event mentioned by TheXRPguy is the inauguration of Trump, which will be held on January 20 next year. Trump’s entry into the White House casts a positive spotlight on coins like XRP due to his pro-crypto stance.
The third event the analyst mentioned is Gary Gensler’s departure from the US Securities and Exchange Commission (SEC). It is interesting that Gensler will step down the same day Trump takes office. His departure is bullish for the price of XRP, considering that he was the one who led the charge against Ripple, which previously had a negative impact on the crypto.
TheXRPguy expects the Ripple lawsuit to end after Gensler’s departure. He listed as the fourth event market participants must wait for before they sell. Indeed, there are many possibilities that the case could end like this Donald Trump nominated pro-crypto Paul Atkins to be the next Chairman of the US SEC.
Three More Reasons Not to Sell XRP Now
TheXRPguy listed it altcoin seasona possible Ripple partnership, and the approval of the XRP ETF as events to wait for before selling one’s XRP. Blockchain Data Center it shows that the altcoin season has started, which is bullish for XRP as it can record significant gains at this time.
Meanwhile, the analyst predicts that Ripple will eventually partner with a major bank for its payment service. This development will be good for the price of XRP as it could mean greater adoption of XRP among institutions. The analyst also mentioned the approval of the XRP ETF, which will provide a bullish view of the crypto.
Bitwise, Canary Capital, 21Shares, and The WisdomTree all filed Spot XRP ETF. Given Atkin’s pro-crypto stance, this endorsement could come under the next administration. Furthermore, the court has already declared that XRP is not a security.
At the time of writing, the price of XRP is trading around $2.39, down more than 9% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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