Crypto Assets Guy, a prominent voice in the digital currency landscape, ignited discussions today with a tweet championing XRP. Drawing upon a mix of legal stances, technological advancements, and market dynamics, he crafted a detailed discourse on why he believes the token’s future is luminous.
Bullish On XRP: Reasons #1 And #2
The first reason to be bullish on the cryptocurrency is the legal standing in the US “Only digital asset in the US with legal clarity,” he began, further elaborating, that it’s the “only digital asset officially declared not a security.” His statements allude to the unique position of XRP in the crypto market. At the moment, only Bitcoin (BTC) and XRP have definitive legal statuses in the United States.
Bitcoin has been officially recognized as a non-security by the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). In contrast, XRP’s status comes from Judge Analisa Torres’ summary judgment in the Ripple vs. SEC litigation. Importantly, in her recent interlocutory appeal ruling, Judge Torres clarified that her decision was solely pertinent to Ripple and shouldn’t be generalized to the wider cryptocurrency market.
Reasons #3 To #8
Diving into the technological aspects, he underscored the ledger’s efficiency: “Faster, cheaper and greener than BTC and ETH.” With transactions on the XRP Ledger settling in just 3–5 seconds and a TPS rate of 1,500, it’s a notable rival to leading cryptocurrencies. And while Ethereum is known for its gas fees, XRP emerges as a more user-friendly option. “No gas fees. No delays. No bullshit,” he quipped.
In terms of security, he was unequivocal: “The XRP ledger is the most secure blockchain. It has never been hacked.” He lauded the XUMM wallet, contrasting it favorably against its counterparts: “Extremely easy to use (XUMM is better than Metamask from every angle).”
Touching upon XRP’s application, he pointed out its efficacy in international transactions: “The most effective way for cross-border payments is with XRP.” Ripple’s partnerships further reinforced his bullish stance: “Partnerships with the most powerful banks and corporations in the world.”
According to the crypto trader thewallstreetbull, Ripple boasts a partnership with at least 141 entities, some of which are: Banco Santander, Bank Of America, HSBC (The Hongkong And Shanghai Banking Corporation Limited), Standard Chartered Bank, SBI Holdings, MUFG (Mizuho Financial Group), UBS, Barclays, Credit Suisse and the Bank of England.
Banco Santander⁰Bank Of Indonesia⁰Bank Of Thailand⁰Moneygram⁰Cambridge Global Holdings⁰SBI Holdings⁰BBVA Banco Bilbao Vizcaya Argentaria⁰SCB Siam Commercial Bank⁰Zip Remit⁰InstaRem⁰IndusInd⁰Itau Unibanco⁰Beetech… pic.twitter.com/EOPDSmuhcA
— thewallstreetbull💸 (@thewallstbulloz) June 29, 2023
Highlighting the uniqueness of XRP, he stated, “It has a use case like no other digital asset. The adoption will be insane.” In his praises for Ripple’s team, he remarked, “Ripple has an amazing team. Defeated the SEC twice. Something never seen before.”
Moreover, the analyst paints Ripple as a paragon of transparency: “Ripple is literally the most transparent digital asset company.” And while the decentralization of XRP is a topic of debate, he asserted, “Fully decentralized (do your research).” Addressing its market performance, he hinted at its untapped potential: “It hasn’t reached its old ATH of $3.70 yet.”
On the market dynamics, he predicted an influx of liquidity: “A lot of liquidity is incoming. Numerous big players are ready to hit the buy button.” The thesis is particularly explosive. However, it is not known which major “players” the analyst is referring to.
He may be referring to the rumor that Bank of America could use Ripple’s technologies once the court case against the SEC is completely over. The rumor has been around for a while. Most recently, the Linqto CEO reported this during the Ripple Swell conference in 2022.
Impact Of The Broader Crypto Ecosystem
The broader crypto market’s future, the Crypto Assets Guy believes, is another reason to be bullish as it is intertwined with XRP’s success. “The next crypto bullrun is around the corner. It always starts months/weeks before the BTC halving (April 25, 2024),” he said.
The conspiracy theory, ETH Gate, also found a mention: “Many ETH whales shifting to XRP because of the ETHGate corruption.” He also shared his perspective on the shifting dynamics between the stock market and cryptocurrencies: “The stock market is going down because of too many world conflicts. Masses moving from stocks to crypto (safe haven).”
The 18th reason to be bullish according to the analyst is the upcoming approval of spot ETFs. He remarked, “BTC spot ETFs should get approved within the next 5 months. Which is super bullish for the whole space.”
Regarding the Ripple litigation, he speculated on a potential resolution before the upcoming trial: “Possible complete settlement Ripple-SEC before April 19, 2024 (like Judge Torres stated).” The trial between Ripple and the SEC is set to commence on April 19. There’s been considerable buzz lately suggesting a possible settlement between Ripple and the SEC. At the very least, Judge Torres ordered both parties to participate in a settlement hearing beforehand.
Lastly, celebrating the spirit of the community, he declared, “The XRP community is the most loyal, vocal, and strongest crypto community.”
At press time, XRP traded at $0.4961.
Featured image from Shutterstock, chart from TradingView.com