Market participants look to be securing profits, seeing how the XRP price has corrected since its recent parabolic rally. Analyst TheXRPguy has outlined seven reasons why those yet to secure profits should hold on selling their coins, suggesting that more parabolic rallies lie ahead.
More XRP Price Rallies Lie Ahead As Analyst List Reasons Not To Sell
In an X post, TheXRPguy suggested that more XRP price rallies lie ahead. He listed seven things market participants should wait for before selling their coins. The first thing he mentioned was the RLUSD launch. RLUSD is a dollar-backed stablecoin expected to launch on the XRP Ledger (XRPL) soon enough as Ripple nears New York approval.
The RLUSD could provide a major boost for the XRP price since it will inject more liquidity into the coin’s ecosystem. The second event that TheXRPguy mentioned is Trump’s inauguration, which is set to take place on January 20 next year. Trump’s entrance into the White House presents a bullish outlook for coins like XRP because of his pro-crypto stance.
The third event the analyst mentioned is Gary Gensler’s official departure from the US Securities and Exchange Commission (SEC). Interestingly, Gensler will step down on the same day that Trump enters office. His departure is bullish for the XRP price, considering that he spearheaded the lawsuit against Ripple, which had previously negatively impacted the crypto.
TheXRPguy expects the Ripple case to end after Gensler departs. He listed it as the fourth event market participants should wait for before they sell. Indeed, there is a huge likelihood that the lawsuit could end as Donald Trump has nominated pro-crypto Paul Atkins to become the 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.
Meanwhile, the analyst predicts that Ripple will eventually partner with a big bank for its payment service. This development will be bullish for the XRP price since it would mean greater XRP adoption among institutions. The analyst also mentioned the XRP ETF approval, which would provide a bullish outlook for the crypto.
Bitwise, Canary Capital, 21Shares, and WisdomTree have all filed for a Spot XRP ETF. Given Atkin’s pro-crypto stance, this approval could come under the next administration. Moreover, the court already declared that XRP isn’t a security.
At the time of writing, the XRP price is trading at around $2.39, down over 9% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link
