Market participants appear to be locking in profits, seeing how the price of XRP has corrected since its recent parabolic rally. Analyst TheXRPguy has outlined seven reasons why those yet to make profits should continue selling their coins, suggesting more parabolic rallies are on the way.
More XRP price rallies ahead as analysts list reasons not to sell
in a x publicationTheXRPguy suggested that more XRP price rallies are on the way. He listed seven things 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 The ripple is coming New York approval.
RLUSD could provide a big boost to the price of XRP as it will inject more liquidity into the coin’s ecosystem. The second event TheXRPguy mentioned is Trump’s inauguration, which will take place on January 20 of next year. Trump’s entry into the White House presents a bullish outlook for currencies like XRP due to his pro-cryptocurrency stance.
The third event that the analyst mentioned is the official departure of Gary Gensler from the United States Securities and Exchange Commission (SEC). Curiously, Gensler will resign the same day Trump takes office. His departure is bullish for the price of XRP, considering that he led the lawsuit against Ripple, which had previously negatively impacted the crypto.
TheXRPguy hopes that the Ripple case will end after Gensler’s departure. He listed it as the fourth event that market participants should wait for before selling. In fact, there is a good chance that the lawsuit will end up as Donald Trump has nominated Pro-crypto Paul Atkins to become next US SEC chairman
Three more reasons not to sell XRP yet
The XRP type listed the altcoin seasona possible partnership with Ripple and the approval of an XRP ETF as events to wait for before selling your XRP. Blockchain Center Data shows that the altcoin season has begun, which is bullish for XRP as it could post significant gains during this period.
Meanwhile, the analyst predicts that Ripple will eventually partner with a big bank for its payments service. This development will be bullish for the price of XRP as it would mean greater adoption of XRP among institutions. The analyst also mentioned the approval of the XRP ETF, which would provide a bullish outlook for the crypto.
Bit by bit, Canary Capital, 21Shares and WisdomTree Everyone has applied for a Spot XRP ETF. Given Atkin’s pro-crypto stance, this approval could come under the next administration. Furthermore, 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, a drop of over 9% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
