Market participants are currently looking to secure profits as the XRP price has corrected after a recent parabolic rally. However, analyst TheXRPguy has outlined seven reasons why those who have not yet secured profits should hold off on selling their coins, suggesting that more parabolic rallies are on the horizon.
In a recent post, TheXRPguy suggested that more XRP price rallies are forthcoming. He listed seven things that market participants should wait for before selling their coins. The first event he mentioned was the launch of RLUSD, a dollar-backed stablecoin expected to launch on the XRP Ledger (XRPL) as Ripple nears approval in New York.
The introduction of RLUSD could provide a significant boost for the XRP price by injecting more liquidity into the coin’s ecosystem. The second event highlighted by TheXRPguy is Trump’s upcoming inauguration on January 20. Trump’s favorable stance on crypto is seen as bullish for coins like XRP.
The third event mentioned by the analyst is Gary Gensler’s departure from the US Securities and Exchange Commission (SEC). Gensler, who spearheaded the lawsuit against Ripple, is set to step down on the same day as Trump’s inauguration. His departure is expected to have a positive impact on the XRP price as it could lead to the resolution of the lawsuit.
TheXRPguy also anticipates the end of the Ripple case following Gensler’s departure, listing it as the fourth event to wait for before selling XRP. With Donald Trump nominating pro-crypto Paul Atkins to become the next US SEC Chair, there is a strong possibility that the lawsuit could come to a close.
Additionally, TheXRPguy listed the altcoin season, a potential Ripple partnership, and the approval of an XRP ETF as three other reasons to hold off on selling XRP. The altcoin season has already begun, according to Blockchain Center data, which is positive for XRP as it could see significant gains during this period.
The analyst also predicts that Ripple will eventually partner with a major bank for its payment service, leading to greater adoption of XRP among institutions. Furthermore, the approval of an XRP ETF by entities like Bitwise, Canary Capital, 21Shares, and WisdomTree could further boost the crypto’s price, especially under a pro-crypto administration.
Currently, the XRP price is trading around $2.39, down over 9% in the last 24 hours according to data from CoinMarketCap. Despite the recent correction, TheXRPguy’s analysis suggests that there are several upcoming events that could drive the price of XRP higher in the future.
In conclusion, while market participants may be looking to secure profits in the short term, TheXRPguy’s insights provide a compelling case for holding onto XRP for potential future gains. With a series of favorable events on the horizon, including the launch of RLUSD, Trump’s inauguration, Gensler’s departure, and potential partnerships and ETF approvals, XRP holders may benefit from remaining patient and not selling their coins prematurely.
