Seasoned crypto enthusiasts are used to extreme volatility, as the crypto space is famous for its wild price swings. So, any gut-wrenching drops are par for the course and can take place even during the best of times.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
While Tuesday offered a reminder that crypto coins can still sink violently during bull markets, it has indeed been the “best of times” for the growing space. Ripple (XRP) stands out as a prime example, having skyrocketed over 300% since Trump’s election victory last month.
Optimism is running high that the incoming administration will ease the legal pressures on Ripple Labs, the company behind the XRP cryptocurrency, potentially paving the way for even greater growth.
Trump has also appointed crypto-friendly Paul Atkins to succeed Gary Gensler as head of the Securities and Exchange Commission (SEC), and there’s hope this will lead to the dismissal of the SEC’s ongoing lawsuit against Ripple. The SEC accused Ripple of selling unregistered securities to investors in 2020, and in October, it appealed a court decision that ruled Ripple’s XRP sales did not breach investor protection laws.
Bitget Research’s chief analyst, Ryan Lee, thinks that the resolution of the SEC’s case could act as a “significant catalyst” that will help XRP’s price shoot even higher.
He also said that broader adoption of Ripple’s payment system, which aims to accelerate cross-border transactions, could further increase the token’s value by “solidifying XRP’s position in the financial ecosystem.”
Meanwhile, on Tuesday, Ripple Labs CEO Brad Garlinghouse said that its RLUSD stablecoin has received approval from the New York Department of Financial Services (NYDFS), adding that exchange and partner listings for RLUSD would be launched shortly. RLUSD will go toe-to-toe against Tether’s USDT and Circle’s USDC, with the stablecoin pegged 1:1 to the U.S. dollar. It will be collateralized by USD deposits, short-term U.S. Treasury bonds, and other cash equivalents.
Ripple has big plans for RLUSD, predicting that the stablecoin could achieve a market cap of $2 trillion by 2028. The stablecoin market is currently valued at $192.8 billion, with Tether’s $138 billion market cap leading the way.
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
