JackTheRippler expressed optimism about October 2024 being a transformative month for holders of Ripple’s XRP. He outlined several key factors that could significantly impact the cryptocurrency landscape
Reasons Ripple’s XRP Could Be Bullish Next Month
The top analyst listed five reasons that suggest the possibility of XRP being life-changing in October. Let’s look at them one after the other.
The SEC Does Not Appeal
The U.S. Securities and Exchange Commission (SEC) has until October 7 to decide whether to appeal a recent ruling in Ripple’s favor. If the SEC chooses not to appeal, it would solidify Ripple’s legal standing, allowing the company to move forward with a much lower fine of $125 million compared to the nearly $2 billion initially sought by the SEC.
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Show more +XRP Reaches an All-Time High
The anticipation surrounding a favorable outcome could trigger a rally, potentially leading XRP price to achieve a new all-time high. Jack emphasized that positive momentum in the market often follows legal victories, which can boost investor confidence.
Mass Adoption Begins in the U.S.
With the legal uncertainty resolved, Jack argued that Ripple could experience widespread adoption in the United States.
Businesses and developers may feel more secure operating under clearer regulations, fostering innovation and use cases on the XRP Ledger. This clarity might also attract institutional investors who have been hesitant due to regulatory concerns.
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Tokenization Begins on the XRPL
Jack mentioned the potential for tokenization on the XRP Ledger, which could introduce Multi-Purpose Tokens (MPT). This development would enhance the platform’s ability to tokenize a broader range of assets, contributing to its versatility and appeal.
Central Banks, Banks, and Payment Providers Begin Bridging Currencies Using XRP
A favorable ruling could accelerate the adoption of XRP by central banks and financial institutions for cross-border transactions. Ripple’s On-Demand Liquidity (ODL) service allows for efficient currency conversion, making XRP a viable option for international money transfers.
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