The recent correction in the price of XRP, following its explosive rally, has led many market participants to question whether they should take profits now.
Analyst TheXRPguy has provided several key factors indicating that holding onto XRP for a little longer could result in further gains. He believes that there are more significant price rallies on the horizon and has highlighted seven key events that could drive up the value of XRP.
One of the first major developments to watch out for is the launch of RLUSD, a stablecoin backed by the U.S. dollar, which is expected to be launched on the XRP Ledger. This event is seen as a catalyst that will bring new liquidity into the ecosystem, potentially boosting the price of XRP. Another potential trigger is the inauguration of Donald Trump in January 2025. With Trump’s pro-crypto stance, his return to the White House could bring a positive outlook for cryptocurrencies, including XRP.
Additionally, TheXRPguy points out the departure of SEC Chairman Gary Gensler, which is set to coincide with Trump’s inauguration. Gensler’s departure could lead to a more favorable environment for Ripple, as he was at the forefront of the SEC’s lawsuit against the company, a development that has had a negative impact on the price of XRP. If the Ripple case is resolved with Gensler’s departure, it could be a turning point for XRP.
The analyst also predicts that XRP’s future will benefit from other events, such as the ongoing altcoin season, which is already showing positive signs for XRP. Ripple could also experience significant institutional adoption through a new partnership with a large bank, further driving demand for XRP. Finally, the approval of an XRP ETF could add even more momentum to the price of the coin. Several firms, including Bitwise and WisdomTree, have applied for an XRP ETF, and with the current regulatory landscape shifting, approval may be on the horizon in the near future.