The crypto space is having one long extended moment and none more so than Ripple (XRP). The cross-border payments-focused coin has been on an absolute tear since Trump’s election win, soaring by more than 500% since early November.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Riding a wave of euphoria with the promise of a much friendlier regulatory backdrop to operate in, Ripple stands to gain from such a development. It has been embroiled in an ongoing legal battle with the SEC, which is appealing a ruling that deemed programmatic sales of XRP (those made on exchanges) not to be securities.
With SEC Chair and known crypto adversary Gary Gensler now gone and set to be replaced by Trump’s choice, Paul Atkins, who is considered much more crypto-friendly, investors are hoping the SEC case will be dropped altogether.
Other developments have also helped sustain the rally. In December, Ripple launched its own stablecoin, RLUSD, aiming to challenge market leader Tether in this lucrative corner of the crypto market. It’s worth noting that Tether announced a record-breaking net profit of $5.2 billion in the first half of 2024.
Meanwhile, as has been the case with Bitcoin and Ethereum, there’s potentially the prospect of an ETF on the way, with four firms having filed for a spot XRP ETF already. Since the launch of its first ETF in January last year, Bitcoin’s price has surged by over 120%.
All this activity, combined with the prospect of future gains, has led to a change of heart for investor Practical Crypto Capital, who previously stated there was “no reason to hold XRP for the long term.” Now, however, the investor admits their thesis was wrong, acknowledging that they underestimated the strength of the rally.
To be fair, PCC still is not much of a Ripple fan but that doesn’t mean much right now.
“I still don’t care for Ripple, the company. I still don’t believe the narratives that XRP will be the world currency or supplant SWIFT for money transfers,” PCC said. “But there is chart strength, upcoming positive events, and an over-enthusiastic community behind XRP. To make money, that should be respected.”
While it’s true that no one knows where things will go from here, the bull market is likely to continue deep into 2025, and the upside, according to PCC, “could be massive.”
“With all the momentum building for XRP, I believe it could easily provide another price doubling, and possibly much more,” the investor summed up.
To find good ideas for crypto 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 investor. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
