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XRP, the fifth largest cryptocurrency by total market value, has moved in the opposite direction of expectations. After reaching $0.90, XRP lost its momentum and dropped by 2.3% in the last 24 hours, falling to $0.58. Amidst this pessimism, a famous analyst has revealed a single factor that could revive XRP.
What Will Impact XRP Price?
Linda Jones, a renowned Wall Street analyst, made critical remarks about XRP. According to Jones, the key factor that could drive the value of XRP higher in the coming years is institutional investors.
Jones emphasized that large institutions and institutional investors are the fundamental factors that will propel the rise of XRP prices. The expert analyst added that the legal status of XRP is also critical.
Jones highlighted that the decision by the Federal Court confirmed that XRP is a digital asset. According to the analyst, this clarification resolves any doubts about its legal status and opens the door for XRP investments.
Institutional Investors: Key for XRP
According to the analyst, institutional money is the most important factor that will drive XRP prices higher. The analyst stated that institutions need more legal certainty, which has recently been achieved, and will be fully resolved after the SEC case concludes. The analyst emphasized the significance of the case and expressed a positive outlook for XRP.
Especially as the US presidential elections approach, the outlook for cryptocurrencies may change completely. The rumors that SEC Chairman Gensler will no longer be in office and the major regime change could be very beneficial for cryptocurrencies like XRP.
Institutional investors have already entered the sector, and institutions like BlackRock are seen as the biggest evidence of this. XRP can take advantage of all this institutional interest and initiate a new uptrend, which is the basis of the famous analyst’s theory. The resolution of the leading cryptocurrency’s case will also have a critical impact.
