- An analyst has disclosed that XRP could be in line for a bullish reversal as he highlights eight key factors that could fuel this move.
- XRP investors have been cautioned not to succumb to the “scare tactics” of wealthy investors to sell prematurely.
XRP stages an unexpected reversal to $2.264 after hitting a yearly high of $2.8 on the monthly price chart. According to our market data, XRP has declined by 6.4% in the last 24 hours, and its daily trading volume also fell by 49%.
[mcrypto id=”345586″]However, crypto expert Edo Farina, CEO of Alpha Lions Academy, has disclosed that the asset could soon stage a bullish reversal. To support his thesis, Farina highlighted eight key factors that could trigger this upsurge.
The Bullish Catalysts
RLUSD: Ripple’s first stablecoin coin, RLUSD, is expected to increase the utility of XRP for effective cross-border payment and utility management. As we recently reported, this project is reported to be operationally ready pending the official approval of the New York Department of Financial Services (NYDFS). According to Farina, a successful launch could significantly impact the price of XRP.
SEC vs Ripple Lawsuit: With Paul Atkins’s appointment as the new chairman of the US Securities and Exchange Commission (SEC), experts believe that the Agency will likely withdraw its lawsuits against crypto companies or reach an amicable settlement. In this case, XRP could attract institutional players and position its price for significant growth.
Spot XRP Exchange Traded Funds (ETF): Recently, CNF reported that New York-based asset management firm WisdomTree has filed an S-1 registration statement to launch a spot XRP ETF. Under the new US administration, this application is expected to receive the regulatory green light.
The Decline of Bitcoin Dominance: Farina has observed that Bitcoin is beginning to lose its dominance. In this situation, market sentiment shifts to altcoins to mark the beginning of the altseason.
Leadership Changes at the SEC: As highlighted earlier, the significant shift from Gary Gensler’s led administration to Paul Atkins-led Commission could create a conducive atmosphere for the asset to thrive.
Trump’s Re-Election: Donald Trump pledged to establish a Bitcoin strategic reserve in the US and make the asset class an integral part of the country’s economy. Following his re-election, Bitcoin crossed the $100k line while Ripple reached a new yearly high. According to Farina, his official assumption of duty could be another tailwind that pushes the XRP price up the curve.
Regulatory Clarity: In June 2023, US District Court Judge Analisa Torres partially sided with Ripple on the security status of XRP, making it the only crypto behind Bitcoin to attain regulatory clarity. According to Farina, this could attract institutional investors and push adoption to a significant height.
Long-Term Accumulation: Finally, the analyst believes that the asset’s multi-year accumulation represents unwavering confidence from seasoned investors.
The “Scare Tactics” on XRP Investor
According to a user identified as Pablo Tamayo, crypto influencers have been engaging in “scare tactics” to get inexperienced investors to sell prematurely.
Wealthy and very smart people are cleaning out the weak hands, the people that are only in it for a quick buck. People who start to see their gains disappearing will react by trying to sell in order to “keep as much profits as they can”. Every single item on your list will be…— Pablo Tamayo (@PabloTamayo_Art) December 4, 2024
