Investors in XRP are growing more confident that the cryptocurrency will experience a significant price increase in the near future. This optimism is fueled by a combination of factors, including the possibility of a Federal Reserve interest rate cut and the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC).
Ripple, the company behind XRP, is urging unity within the crypto industry as it prepares for potential regulatory changes that could benefit the cryptocurrency. XRP has faced price suppression in recent years due to its legal issues with the SEC. However, with the expectation that the case will soon reach a conclusion, investors are hopeful that this will lead to a bullish breakout and a potential retest of XRP’s all-time high.
One factor supporting this positive outlook is the anticipation of an interest rate cut by the Federal Reserve in September. A drop in the ISM Manufacturing PMI has increased the likelihood of this rate cut, which is expected to have a positive impact on XRP prices and the broader crypto market.
Furthermore, the crypto industry has shown support for the Republican party after former President Donald Trump expressed his backing for the industry. Cryptocurrencies are expected to play a prominent role in the upcoming September elections, and a Republican victory could result in favorable regulations for the industry.
As part of its efforts to influence regulation, Ripple has donated $25 million to Fairshake, a Super Political Action Committee (Super PAC) that supports pro-crypto Congressional candidates. Coinbase, a publicly traded crypto exchange, has also made a matching donation. These contributions demonstrate the industry’s commitment to shaping regulations and ensuring the continued growth of cryptocurrency innovation in the United States.
The outcome of the September elections could also have implications for the ongoing Ripple v. SEC case. If the Republicans win, there may be changes in the leadership of the SEC, potentially leading to a resolution of the case. Some experts even predict that a settlement could be reached beforehand as the agency seeks to avoid further damage to its reputation.
In addition to these external factors, developments within the Ripple ecosystem could drive demand and adoption of XRP. The CBDC platform developed by Ripple has gained recognition from nearly 20 central banks, indicating a growing interest in launching their own digital currencies. The upcoming launch of the stablecoin RLUSD is also expected to contribute to the network’s growth.
Ripple’s CEO, Brad Garlinghouse, has expressed optimism about the possibility of an Initial Public Offering (IPO) for the company. However, he insists that Gary Gensler, the current Chairman of the SEC, must be removed for the IPO to proceed.
Furthermore, the approval of an XRP exchange-traded fund (ETF) could attract billions of dollars in investment, driving up the price of XRP.
As of the time of writing, XRP is trading at $0.5278, following a 1.3% increase in the past 24 hours. Experts note that the token is currently in a consolidation phase, with minimal changes in price over the past week.
In summary, XRP investors are growing increasingly confident in a potential price breakout, thanks to factors such as expected interest rate cuts and developments within the Ripple ecosystem. The upcoming September elections and potential regulatory changes could also have a significant impact on the ongoing Ripple v. SEC case.
