Ripple Labs’ XRP is a key player in digital payments, especially for cross-border transactions. Despite a 6.37% dip in the last 24 hours, trading at $2.37, it remains a strong contender in this bull cycle.
The digital asset recently broke out of a six-year consolidation, signaling a potential bull run, fueled by pro-crypto U.S. leaders. As the altcoin market gains traction, XRP holders are eager for the next move.
However, analyst Velo Maxi warns XRP holders to wait before selling their holdings. He outlines seven key events that could impact the crypto’s future and possibly drive its price even much higher.
7 Key Events to Watch Before Selling
Here are the 7 events that need to be watched carefully:
Ripple’s RLUSD Stablecoin Launch
The first milestone is Ripple’s launch of its stablecoin, RLUSD, on December 17, 2024. This new stablecoin could drive up demand for Ripple’s crypto. Many see it as a big step for Ripple. Maxi believes it’s a sign of things to come.
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Trump’s Possible Return to the Presidency
Maxi also warns XRP holders to hold off until Donald Trump’s possible return to office. With Trump winning the November election, his policies could shift to favor crypto. A friendlier regulatory environment could benefit XRP. Maxi thinks it’s worth waiting for.
Gensler’s Departure from the SEC
Another key moment to watch is SEC Chair Gary Gensler’s departure. Gensler announced his resignation, effective in January 2025. Maxi believes XRP’s legal uncertainty will not clear up until Gensler is gone. Trump’s appointment of Paul Atkins could lead to a more crypto-friendly SEC.
Ripple’s Legal Case Resolution
Maxi highlights Ripple’s ongoing legal battle with the SEC. The case is still in the appeal phase, creating uncertainty for XRP holders. Many believe the case could settle under a new SEC chair. This resolution could remove a major obstacle for XRP.
The Altcoin Season
Maxi sees the potential for an altcoin season. When Bitcoin’s dominance falls below 50%, altcoins like XRP often rise. Bitcoin’s current dominance is 57%, so the time might be near. If Bitcoin loses ground, the crypto could gain momentum.
Ripple’s Bank Partnerships
Ripple’s partnerships with financial institutions are also a key factor. Maxi believes that a major partnership announcement could push XRP’s value higher. The more banks Ripple partners with, the stronger XRP’s position.
XRP ETF Approval
Finally, Maxi points to the potential approval of an XRP ETF. Several filings are under review by the SEC. If approved, an XRP ETF could bring in institutional investors. Maxi sees this as a game-changer, much like Bitcoin’s rise after its ETF approval.
XRP Price Outlook
XRP saw a big price jump earlier this week. It rose from $2.35 to nearly $2.60 on Monday night after Ripple announced its stablecoin launch for December 17. The rally continued on launch day, reaching a peak of $2.73.
However, the crypto couldn’t hold its gains. It dropped to $2.50 before a market-wide correction pushed it down further. The token hit a six-day low of $2.23. In just 24 hours, price fell 11%, and in 36 hours, it dropped 15%.
This move looks like a classic “sell-the-news” event. XRP surged ahead of the RLUSD launch, then fell after it went live. Meanwhile, the potential ETF launch remains uncertain.
Experts like Bloomberg’s Eric Balchunas say Ripple could be behind other projects, like Litecoin or Hedera that could be approved first. However, leadership changes at the SEC may shift things in the future.
