Market participants in the cryptocurrency space are closely monitoring the XRP price as it has corrected following a recent parabolic rally. Analyst TheXRPguy has provided insights into why investors should hold onto their XRP coins and not rush to sell, suggesting that more price rallies are on the horizon.
In a detailed post, TheXRPguy outlined seven key events that investors should wait for before considering selling their XRP holdings. The first event mentioned is the launch of RLUSD, a dollar-backed stablecoin set to debut on the XRP Ledger (XRPL) in the near future. This launch is expected to inject more liquidity into the XRP ecosystem, potentially boosting the coin’s price.
The second event highlighted by the analyst is the upcoming inauguration of President Trump on January 20th. Trump’s favorable stance towards cryptocurrencies is seen as a positive factor for coins like XRP, signaling a bullish outlook for the market.
Another significant event mentioned is the departure of Gary Gensler from the US Securities and Exchange Commission (SEC). Gensler, who led the lawsuit against Ripple, is set to step down on the same day as Trump’s inauguration. TheXRPguy believes that Gensler’s exit could lead to a resolution of the Ripple case, which has previously impacted XRP negatively.
The analyst also pointed out three additional reasons for investors to hold onto their XRP. These include the onset of the altcoin season, a potential partnership between Ripple and a major bank, and the approval of an XRP ETF. The altcoin season, as indicated by Blockchain Center data, could drive significant gains for XRP in the coming period.
Furthermore, TheXRPguy predicts that a partnership with a prominent bank would enhance XRP adoption among institutions, further supporting its price. Additionally, the approval of an XRP ETF by entities like Bitwise, Canary Capital, 21Shares, and WisdomTree could provide a positive outlook for the cryptocurrency, especially with a pro-crypto figure like Paul Atkins potentially leading the US SEC.
At present, the XRP price is trading around $2.39, reflecting a 9% decrease in the last 24 hours according to CoinMarketCap data. Despite this correction, TheXRPguy’s analysis suggests that holding onto XRP could prove beneficial in the long run, as several key events are expected to drive further price rallies in the future. Investors are advised to consider these factors before making any decisions regarding their XRP holdings.