Crypto analyst CryptoCondom (@crypto_condom), who was previously an outspoken critic of XRP, has reversed his stance and is now endorsing the crypto asset as a potential investment to his 82,400 followers. The shift is due to an analysis of Ripple’s lawsuit with the US Securities and Exchange Commission (SEC) and its implications for the price of XRP.
4 Reasons to Be Bullish on XRP
@crypto_condom, who never imagined investing in XRP, a statement He believes his change of heart was driven by what he sees as the overreach in the recent selloff, sparked by the delay in settling the Ripple-SEC lawsuit. His analysis suggests that the resolution of this lawsuit could spur a series of transformative developments.
“I never thought in my life that I would want to own/buy some XRP… but here we are. I think it got oversold the other day due to its settlement delay. In my opinion, Ripple will settle quickly (4 Reasons to Be Bullish on XRP),” the analyst stated.
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First, the conclusion of the Ripple-SEC lawsuit is expected to clarify XRP’s regulatory status, potentially allowing Ripple to resume full operations within the United States. “This will allow the company to operate in the US again,” @crypto_condom claimed.
Historically, despite Ripple having over 31 money transfer licenses across different states, ongoing legal uncertainty has significantly hindered wider institutional adoption of XRP. In the past, Ripple CEO Brad Garlinghouse has said, It has been revealed. Institutions like Bank of America are waiting on the sidelines for the lawsuit to be resolved. Furthermore, Ripple and MoneyGram have split due to a lawsuit filed by the Securities and Exchange Commission.
Secondly, @crypto_condom points to the potential listing of XRP futures on prominent US exchanges like Coinbase after the lawsuit is resolved. This would not only boost XRP’s liquidity but also increase its visibility and appeal to a broader set of institutional investors.
Furthermore, a large-scale regulated futures market could pave the way for a spot XRP ETF in the US, according to the crypto analyst. “It could one day allow it to have an ETF through a second-tier issuer (one that has futures contracts with the Commodity Futures Trading Commission). As evidenced by the massive success of US spot Bitcoin ETFs, this could be a significant milestone in providing retail and institutional investors with a regulated vehicle to invest in XRP, thereby broadening the investor base.”
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Fourth, the prospect of an IPO for Ripple is looming, which depends on a shift in the regulatory environment. @crypto_condom speculates that the victory of Donald Trump, who is seen as more favorable to the crypto industry, could create a favorable regulatory climate for such a move.
Ripple CEO Brad Garlinghouse previously indicated that an IPO under current regulatory conditions would be impractical, suggesting that the company’s strategy could change significantly with changes at the federal level.
Target price and community reactions
Despite his newfound support for Ripple, @crypto_condom remains cautious about its price potential. In an impassioned exchange with his followers, he tempered expectations, dismissing the possibility of Ripple hitting $10 even in the most bullish scenarios, though he admitted that a climb to near $1 could be within reach.
This cautious optimism contrasts with more optimistic predictions within the community. For example, a user named Nefarious boldly predicted that “6 years of accumulation will end and XRP will easily hit $10+,” a sentiment that @crypto_condom strongly rebutted. He responded by saying, “Eh… $10 isn’t a big chance. But it could hit $1.”
At the time of publishing this report, XRP was trading at $0.5994.
Featured image created using DALL E, chart from TradingView.com
