The Ripple community and other executives have displayed optimism about Ripple and the XRP ecosystem. Notably, XRP supporters are convinced that XRP’s intrinsic value could help the token morph into a global in-demand asset and balloon to the much coveted $5 price.

Strengthening the community’s sentiments, Ripple CEO Brad Garlinghouse made a remarkable revelation. In a recent post shared to X, formerly Twitter, the Ripple boss revealed that he had hung an image carrying the words “laugh now, but one-day XRP will power the world!” on a wall in his home.

Explaining that the current market condition prompted him to share the image, he wrote the following;

“For whatever reason, I’ve been hanging on to this one for a while.. Prob my all-time favorite from the XRP community. It’s been hanging on a wall in my house… but with all this momentum in the market, I wanted to share it!!” 

Like many other crypto executives, Garlinghouse seems excited about the recent developments recorded in the cryptocurrency space. Prior to his post on XRP, the crypto proponent expressed excitement about the recent approval of an Ethereum ETF.

“Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation…Feels like hell has frozen over!!” He wrote. 

The future for XRP: bullish or bearish?

Future expectations for XRP being bullish or bearish largely depend on a handful of factors, with one of the notable ones being the ongoing lawsuit between Ripple and the SEC.

Recall that the SEC requests $2 billion in penalties for Ripple’s alleged sale of unregistered securities. A loss for Ripple could affect the market’s sentiments on affiliated assets like XRP. However, victory for Ripple could also translate to victory for XRP, as sentiments will likely become even more positive.

Meanwhile, the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21 bill)—a major crypto legislation cleared earlier in the week—could introduce more twists and turns for Ripple, XRP, and the SEC.

At report time, XRP and other leading altcoins are recording a little over 2% daily gains. Notably, the global cryptocurrency market cap has surged by 2.46%, bringing the total market cap to $2.63 trillion. With daily, weekly, and monthly losses currently totaling 6.93%, XRP is trading at a press time price of $0.53.

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Filed under: Bitcoin - @ May 27, 2024 5:06 pm