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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

XRP U-Turn: Ex-Critic Reveals 4 Reasons To Buy And A Price Target

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP price

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Crypto analyst CryptoCondom (@crypto_condom), who had previously been a vocal critic of XRP, has done a U-turn and is now endorsing the crypto asset as a potential investment to his 82,400 followers. This turnaround is rooted in an analysis of Ripple’s lawsuit with the US Securities and Exchange Commission (SEC) and its implications for the XRP price.

4 Reasons To Be Bullish On XRP

@crypto_condom, who had never envisioned investing in XRP, disclosed that his change of perspective was prompted by what he perceives as an overshoot in the recent sell-off, triggered by delays in the Ripple-SEC settlement. His analysis suggests that the resolution of this lawsuit could catalyze a series of transformative developments.

“Never in my life did I think I’d want to own/long some XRP…but here we are. I think it got oversold the other day on its settlement delay. In my mind, the Ripple settlement will RAPIDLY [propel 4 reasons to be bullish on XRP],” the analyst remarked.

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XRP Adoption & Activity Spike: What This Means For Its Price

1 year ago

Firstly, the conclusion of the lawsuit between Ripple and the SEC is expected to clarify the regulatory status of XRP, potentially allowing Ripple to resume operations at full capacity within the United States. “[It will] permit the company to operate again in the US,” @crypto_condom claimed.

Historically, despite Ripple securing over 31 money transmitter licenses across various states, the persistent legal uncertainty has significantly hampered broader institutional adoption of XRP. In the past, Ripple CEO Brad Garlinghouse unveiled that institutions like the Bank of America are waiting on the sideline until the resolution of the lawsuit. Moreover, Ripple and MoneyGram parted ways due to SEC lawsuit.

Secondly, @crypto_condom points to the potential listing of XRP futures on prominent US exchanges such as Coinbase following the lawsuit’s resolution. This would not only enhance XRP’s liquidity but also its visibility and attractiveness to a broader range of institutional investors.

Furthermore, this regulated futures market of significant size could pave the way for an US based spot XRP ETF, according to the crypto analyst. “MAYBE allow it to get an ETF someday via a second tier issuer (has CFTC futures). As shown by the massive success of the US spot Bitcoin ETFs, this could mark a significant milestone in providing retail and institutional investors with a regulated vehicle to invest in XRP, thereby broadening its investor base.

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Crypto Analyst Predicts XRP Price To Hit $1.03 Soon, Warns Of Initial Dip

1 year ago

Fourth, the prospect of a Ripple Initial Public Offering (IPO) also looms large, contingent upon a shift in the regulatory environment. @crypto_condom speculates that a potential presidential win by Donald Trump, who is perceived as more favorable towards the crypto industry, could create a regulatory climate conducive to such a move.

Ripple CEO Brad Garlinghouse has previously noted that an IPO under the current regulatory conditions would be impractical, signaling that the company’s strategy could pivot dramatically with changes at the federal level.

Price Target And Community Reactions

Despite his newly minted support for XRP, @crypto_condom remains guarded about its price potential. In a spirited exchange with his followers, he tempered expectations, dismissing the possibility of XRP reaching $10 even in the most bullish scenarios, though he conceded that a climb to near $1 might be within reach.

This careful optimism stands in contrast to more bullish projections within the community. For instance, a user named Nefarious boldly predicted that “6 years accumulation will break and XRP will send $10+ easy,” a sentiment that @crypto_condom sharply refuted. He responded, “errr…$10 is not a snowballs chance in hell. Close to $1 possible though.”

At press time, XRP traded at $0.5994.

XRP price
XRP price eyes the 0.236 Fib, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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