The XRP community members are some of the most optimistic in the crypto industry as they keep making bold statements and price predictions for the coin. Several experts, analysts, and figures who are prominent community members have given their analysis and future price projections for XRP.
In the latest, Levi, a known crypto trader and content creator, made an 8-minute video explaining how Ripple’s launch of RLUSD would positively impact the price of XRP, potentially sending it up to $10.
He also insinuated that the stablecoin would also bode well for the company, citing it as one of the most important developments for XRP in recent years. Moreover, he noted that Ripple is strategically moving on with the minting of the stablecoin amid the SEC’s unclear approach to regulating the crypto industry.
SEC’s Unclear Crypto Regulations
In Levi’s video, he highlighted a clip from a recent congressional hearing where Rep. Patrick McHenry drilled the SEC, questioning its ambiguous approach to crypto regulations.
McHenry asked the SEC commissioner Hester Peirce if the reason multiple terms are used for crypto by the SEC is because there is no clarity as to identifying which tokens may or may not be offered as investment contracts.
In response, Peirce admitted to the fact, stating that the agency needs more improvement on the matter. Her response reflects a state of internal conflict within the SEC.
Levi pointed out the significance of this conflict, stressing that each member of the Commission is trying to “cover their end” to ensure that their jobs are secure at the end of the crypto regulation saga. However, he noted that Gary Gensler risks losing his job, especially if a pro-crypto candidate Donald Trump wins the upcoming elections.
Recall that Trump had insinuated that he would fire Gensler upon entering office, giving way for a more crypto-friendly chairman, in line with his strategy of making the United States a global crypto hub.
Amid the regulatory conflict and uncertainty, Ripple is going full force, minting the RLUSD stablecoin with an assurance that it will comply with all regulatory standards to avoid future enforcements by watchdogs.
Ripple Tapping into the Billion-Dollar Stablecoin Market
Furthermore, Levi pointed out the significant number of RLUSD minted at the treasury. Ripple had minted 5,515 RLUD with a max total supply of 6,028 according to on-chain data. The RLUSD was also recently added to Coingecko, a cryptocurrency market aggregator service.
Explaining why RLUSD is such a big deal, Levi referred to the market capitalization of the stablecoin market, noting that it is already worth hundreds of billions of dollars citing prominent coins like USDT and USDC taking up most of this figure.
Levi continued by stating that if RLUSD which is built on the XRP Ledger can tap into a small percentage of the already established stablecoin market, it will significantly impact XRP’s future trajectory by increasing activities on the ledger.
Additionally, it will attract interest from institutional investors and Decentralized applications. This way, DEXs can utilize the RLUSD in creating trading pairs, significantly shifting from the conventional USDT and USDC pairs.
On the institutional side of things, Levi noted that Ripple’s global institutional partners often utilized USDT and USDC stablecoins to complete transactions since they are unable to use XRP due to regulatory challenges surrounding the coin.
However, with the launch of the RLUSD, these institutions now have the opportunity to utilize a stablecoin that is directly built on the Ripple ecosystem without having to opt for other options. In return, this could increase activities and volume on the XRP Ledger, thereby indirectly impacting XRP volume, sending its price to new all-time highs.
Significance for XRP, Price Jump to $10
Relating to the XRP price trajectory, Levi tied the significance of an increased daily trading volume on the XRP Ledger directly to a boost in the price of XRP. He stated that this action would allow XRP to climb higher than it already has even though the price of the coin, as well as other cryptocurrencies like Bitcoin and Ethereum, is due for a correction.
Ultimately, he predicts that XRP will skyrocket as high as $10 in the short term following a successful launch of the RLUSD stablecoin.
It will be interesting to watch how the market plays out concerning Levi’s prediction. However, his forecast indicates the importance and direct implication of the RLUSD stablecoin to the price movement for XRP.
The post Crypto Trader Predicts XRP to $10 Following Launch of RLUSD appeared first on Coinfomania.
