Here Are 3 Reasons Ripple XRP Price is Set For an Enormous Explosion
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XRP's price has fallen this year, as has the price of many other cryptocurrencies. The large-cap coin has dropped 52.3% since the beginning of the year, mirroring the overall declines of the cryptocurrency market, which is not surprising given its position.
XRP, despite its decline, remains an appealing investment option for investors. As the year closes out, there is renewed hope that the coin's value will rise. This article will share three reasons for this hope.
Ripple's XRP token has become the market's de facto standard for cross-border payments, and it has a significant use case for investors looking to earn and users requiring crypto-specific functionality.
SEC Case Could Come to a Close
The case between XRP's developer, California-based Ripple Labs, and the Securities and Exchange Commission (SEC) has been a major impediment for the past year and a half.
In December 2020, the securities regulator sued Ripple, accusing the company of violating securities laws when it offered XRP to investors in its initial coin offering (ICO).
The case has significantly impacted XRP, including the asset's delisting from several cryptocurrency exchanges. However, it may have far-reaching market implications because it may pave the way for the SEC to classify digital assets as securities in the future.
Meanwhile, there was renewed optimism last week that Ripple would prevail in this legal battle. Both parties sought summary judgment in separate filings with the United States District Court for the Southern District of New York.
These judgments are filed when a party believes there is enough evidence to make a decision without a trial. Furthermore, Ripple's leadership has maintained that the SEC has failed to establish a foundation for classifying XRP as a security.
It is unclear whether the SEC case will be resolved soon. Nonetheless, XRP investors are optimistic.
CFTC Visit Boosts Prospects for Favorable Classification
While battling the SEC over the best classification for XRP, Ripple Labs appears to be in advanced talks with another financial watchdog.
Caroline Pham, the Commissioner of the Commodity Futures Trading Commission (CFTC), confirmed earlier this week that she met with Ripple Labs CEO Brad Garlinghouse as part of her "learning tour" on cryptocurrency. The visit raised hopes that XRP could be classified as a commodity rather than a security, as the SEC desires.
Proponents of cryptocurrencies have repeatedly argued that the CFTC should regulate them. Thus, Pham's visit to Ripple and her interaction with Garlinghouse raises the sentiment of holders as well as the position of law enforcement and regulators.
Energy Consumption in the Spotlight
For over a year, the crypto market has been admonished for its role in climate change. Tesla has stopped accepting Bitcoin as payment, and several legislators have expressed their disdain for digital assets and their excessive resource consumption.
However, Ripple wishes to alter the narrative. Earlier this week, Ripple Labs announced that it had signed the Climate Pledge, joining over 375 other companies working to create an energy-positive future.
The market's focus will likely remain on energy consumption. Ethereum recently completed its proof-of-stake (PoS) transition, which is expected to reduce up to 0.2% of global carbon emissions. Ripple is putting itself at the forefront of this battle to stay ahead of the curve for good.
Update - XRP is also holding its value well despite crypto prices crashing after FOMC - XRP is outperforming Bitcoin, and Ethereum to a larger extent.
Tamadoge: Perfect for Investors Looking for Gains
Although XRP appears to be an intriguing asset, there are other massive opportunities for investors to profit. One such opportunity is presented by Tamadoge (TAMA).
Tamadoge, which debuted in 2022, bills itself as a "play-to-earn Dogecoin." Presently, it is among the most popular projects in blockchain gaming, allowing players to earn via its native TAMA token. The platform is also attempting to break into the metaverse, with its native Tamaverse launching soon.
TAMA recently completed its presale, raising a total of $19 million. This presale outperformed that of several well-known cryptocurrencies, including Ethereum. TAMA is now expected to list on centralized exchanges, making it more accessible to investors. With the Tamadoge platform expected to be fully operational in the fourth quarter of this year, it might be best to buy the coin now.