Prominent community commentator CryptoTank has warned that there is no chance that XRP will ever trade below $1 again, claiming that a “big event” is on the horizon.
CryptoTank conveyed this sentiment in a post about X today, encouraging market participants to continue accumulating more XRP tokens. He placed a bullish outlook on major upcoming events surrounding payments company Ripple.
First, he pointed out that Ripple Chairman Chris Larsen and CEO Brad Garlinghouse will speak at the Federal Reserve Board meeting on Tuesday, October 22nd.
As previously revealed by Crypto Eli, a respected figure in the community, Ripple executives will be appearing at the 8th Annual FinTech Conference hosted by the Federal Reserve Bank of Philadelphia.
This two-day event brings together financial experts from a variety of backgrounds to discuss emerging issues in fintech.
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The conference is co-sponsored by Columbia University’s School of International and Public Affairs, the University of Cambridge, the Wharton School at the University of Pennsylvania, and the Brookings Institution.
Call to buy XRP when it’s still less than $1
Considering this, CryptoTank speculated that a significant development for XRP is on the horizon. He encouraged enthusiasts to buy XRP while it is still below $1, suggesting that such low prices may not be available for much longer.
At the time of writing, XRP is trading at $0.5476. Altcoins have been trading below $1 for about three years since December 2021.
Many commentators agree with CryptoTank’s optimism that the days of XRP below $1 are over, given the current adoption situation.
Commentator Roger Metzger said that the establishment of XRP’s non-security status makes it clearer for financial institutions to engage with altcoins, suggesting that altcoins are on the rise.
Another commenter said the low XRP price is a godsend. He pointed out that he was able to gradually increase his stock holdings from business profits without the need for financing.
Other important developments impacting the bullish outlook for XRP include Ripple’s RLUSD stablecoin, which is expected to bring further liquidity to the XRP ecosystem. Another factor is the upcoming launch of exchange-traded funds (ETFs) that invest in XRP.
Skeptics’ reaction
Proponents are hopeful that the alignment of these developments could spark increased demand for XRP and start a bull market, but some market participants remain skeptical.
One commenter even suggested that XRP will remain below $1 next year. This is primarily because significant events in the past have not significantly increased the asset’s valuation.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
