Critic Says He Never Wanted to Hold and Long XRP, But ‘Here We Are’

thecryptobasic.com 23 July 2024 09:20, UTC

A widely followed crypto commentator, “CryptoCondom,” has now recognized XRP as a worthy asset to hold and long amid the alignment of crucial factors.

The community pundit disclosed this shift in perspective in a recent post on X, admitting that he never imagined he would want to own or invest in XRP. Nonetheless, he acknowledged that this stance is gradually changing.

This sentiment suggests CryptoCondom is a longstanding XRP critic who is reconsidering his view of the seventh-biggest crypto asset. His evolving perspective stemmed from crucial events set to align once Ripple concludes its lawsuit against the SEC.

Factors Making XRP a Worthy Investment Now

First, the market observer pointed out that XRP was oversold earlier this month when it hit $0.385. He cited the prolonged anticipation of a resolution in the Ripple lawsuit as an influencing factor, but XRP has significantly rebounded since hitting the low.

CryptoCondom believes that the conclusion of this lawsuit will swiftly pave the way for at least four developments that could significantly impact XRP’s price, making it a valuable asset to hold.

One key development he mentioned is that the end of the lawsuit will allow Ripple to service U.S. financial institutions fully. It is worth noting that despite the ongoing legal battle, Ripple has secured over 31 money transmitter licenses in the United States over the past few years. However, as the lawsuit lingers, XRP has not enjoyed as much institutional adoption as envisioned. For instance, asset managers have still not filed for an XRP ETF.

Never in my life did I think id want to own/long some $XRP…but here we are. I think it got oversold the other day on its settlement delay.
In my mind, the @Ripple settlement will RAPIDLY:
1) permit the company to operate again in the US
2) allow @coinbase to list $XRP… pic.twitter.com/gE4MNeqWis

— CryptoCondom (@crypto_condom) July 19, 2024

Furthermore, the market pundit asserted that the conclusion of the lawsuit could enable the largest U.S. exchange, Coinbase, to list XRP futures. Moreover, he believes it could open the path for asset managers to consider listing an XRP ETF in the U.S.

The commentator also believes a Ripple IPO could emerge as a result, particularly with the anticipated favorable regulatory environment under a Donald Trump presidency.

Ripple CEO Brad Garlinghouse has previously stated that an IPO in the U.S. makes no sense amid the current unfair regulatory climate. However, the crypto community anticipates a shift in this stance if a pro-crypto presidential candidate wins.

Still Cautious about XRP Potential

Considering these outlined elements could impact XRP, CryptoCondom now views the asset as a good investment. Effectively, he joins the growing list of skeptics having a change of heart about XRP in recent days.

Meanwhile, CryptoCondom remains cautious about XRP’s potential, unlike its staunch proponents. In response to a comment suggesting that XRP could reach $10 following the resolution of the Ripple lawsuit, he remarked that such a price is highly unlikely. In his view, a price close to $1 is possible.