Jay Grissom, a full-stack developer with over two decades of experience in trading, has identified seven factors that could be crucial in driving the value of XRP to the double-digit region.
First, Grissom citedthe significance of XRP’s regulatory clarity. He noted that when Ethereum obtained similar “clarity,” its value skyrocketed from $7 to $1,500 in less than a year. However, it is important to clarify that Ethereum took several years to rise from $7 in 2016 to $1,500 in 2021.
Furthermore, Grissom highlighted the significance of the upcoming Ripple stablecoin, RLUSD, on the XRP Ledger. He pointed out that when a network launches a stablecoin, it often leads to substantial gains for the network’s native asset. This is because traders can easily move in and out of assets on the network.
Grissom cited the example of the BNB Chain ecosystem. He noted that BNB surged by 3,100% after the now-defunct BUSD stablecoin launched in September 2019.
Notably, at that time, BNB averaged around $20. Indeed, it experienced a 31X increase over the years, reaching a peak value of over $650 in 2021.
XRP ETP, CME Announcement, and Clarity for Ripple
Additionally, the seasoned trader mentioned the recent introductionof an XRP-based Exchange Traded Product (ETP). While he remains uncertain about the exact impact this ETP might have on XRP’s value, he is optimistic about its potential benefits.
Notably, an XRP ETP launched in July on Nasdaq Stockholm, the leading stock exchange in the Nordic region. This product provides investors with an opportunity to gain exposure to XRP’s performance. Earlier in February, European asset manager Valour also introducedan XRP ETP on the Nordic Growth Market.
Furthermore, Grissom cited the significance of the CME’s announcementof an official price index for XRP. Accordingly, he expressed optimism that once the SEC lawsuit is resolved, XRP will be traded as a commodity, similar to oil, rather than as a security.
It is important to note that the court has already ruled that XRP is not a security. The remaining litigation pertains to Ripple’s sales to institutional investors.
Grissom believes that the final resolution of the Ripple lawsuit will have substantial bullish implications for XRP, providing clarity for Ripple.
Altcoin Season, Robinhood Acquisition
He also mentioned that the post-Bitcoin halving altcoin rally typically leads to inflated price action over the subsequent 6 to 18 months. XRP could be one of the beneficiaries of this trend.
Lastly, Grissom is also optimistic about XRP due to Bitstamp, a Ripple partner that offers international FX trading over the XRP Ledger, being acquired by Robinhood, a popular retail trading platform.
He expects that this acquisition will lead to increased support for XRP, making it available as a trading pair with various national currencies on Robinhood.
Notably, XRP currently trades at $0.518. It demands a momentum that sparks a 1,830% price increase to enter the double-digit range.