Market participants are looking to lock in profits, seeing how the price of XRP has corrected since then Recent Parabolic March. Analyst TheXRPguy has identified seven reasons why those who have yet to cash in should continue selling their cryptocurrencies, suggesting that more parabolic rises lie ahead.
More XRP price hikes lie ahead with analysts list reasons not to sell
in Share XTheXRPguy suggested that there are more XRP price hikes in the future. He listed seven things that market participants should wait for before selling their coins. The first thing he mentioned was the launch of RLUSD. RLUSD is a dollar-backed stablecoin that is expected to launch on the XRP Ledger (XRPL) soon enough Ripple is approaching New York approval.
RLUSD could provide a significant boost to the price of XRP as it will inject more liquidity into the currency ecosystem. The second event mentioned by TheXRPguy is Trump’s inauguration, which is scheduled to take place on January 20 next year. Trump’s entry into the White House presents a bullish outlook for coins like XRP due to his pro-crypto stance.
The third event mentioned by the analyst is Gary Gensler officially leaving the US Securities and Exchange Commission (SEC). Interestingly, Gensler will step down On the same day Trump takes office. His departure is bullish for the price of XRP, considering that he led the lawsuit against Ripple, which has previously negatively impacted the cryptocurrency.
TheXRPguy expects the Ripple issue to end after Gensler leaves. He listed it as the fourth event that market participants should wait for before selling. In fact, there’s a good chance the lawsuit will end up like this Donald Trump was nominated Cryptocurrency advocate Paul Atkins has become the next head of the US Securities and Exchange Commission.
Three more reasons not to sell XRP yet
TheXRPguy included the Altcoin seasonAnd a potential Ripple partnership and XRP ETF approval as events to wait for before selling your XRP. Blockchain Center Data It shows that altcoin season has begun, which is bullish for XRP as it may record significant gains during this period.
Meanwhile, the analyst predicts that Ripple will eventually collaborate with a major bank for its payment service. This development will be bullish for the XRP price as it means increased adoption of XRP among institutions. The analyst also mentioned the approval of the XRP ETF, which would provide a bullish outlook for the cryptocurrency.
Bitwise, Canary Capital, 21Shares, and Tree of wisdom They have all applied for the Spot XRP ETF. Given Atkin’s pro-crypto stance, this approval could come under the next administration. Moreover, the court has already declared that XRP is not a security.
At the time of writing, the price of XRP is trading at around $2.39, down over 9% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com