Popular crypto influencer Ben Armstrong, widely known as BitBoy, has expressed a strong belief in the potential of XRP to become the leading cryptocurrency in the current market cycle. Armstrong’s assertions, shared on X, have sparked discussions within the crypto community about XRP’s prospects.
Despite Ripple’s recent legal troubles, Armstrong highlighted two significant factors that he believes will propel XRP to the forefront of the cryptocurrency market.
First of these is the recent Bitwise XRP ETF application. On September 30, Bitwise, a notable asset management firm, submitted an application to the U.S. Securities and Exchange Commission (SEC) for an XRP Exchange-Traded Fund (ETF).
Armstrong views this development as a potential catalyst for XRP’s growth, stating, “Bitwise XRP ETF in the works —this could be the game changer we’ve been waiting for. If you’re not paying attention to XRP now, you will be soon.”
Another major development that could boost XRP’s price is Ripple’s planned Initial Public Offering (IPO). In a separate post, Armstrong emphasized the significance of Ripple’s intention to become a publicly traded company, suggesting that this move could substantially increase XRP’s visibility and appeal to a broader range of investors.
Armstrong believes ETF approval and Ripple’s IPO could help the digital asset become the top-performing cryptocurrency in the current market cycle.
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Can XRP Meet BitBoy’s Expectations?
Despite Armstrong’s optimistic outlook, several obstacles remain in XRP’s path. Top of the list is the legal battle between Ripple and the SEC. Recently, the SEC issued a notice of appeal which could delay the company’s IPO plans.
The regulator has also not revealed the aspects of the ruling it hopes to challenge, leaving the XRP community with doubts about the digital asset’s trajectory.
The SEC’s appeal has also caused uncertainty about the future of Bitwise’s ETF application. Some market observers believe the SEC’s appeal may decrease the likelihood of approval for the Bitwise XRP ETF.
However, proponents of the ETF disagree with this assessment, pointing out that the SEC has not challenged the ruling from July 2023 that determined XRP’s security status.
Finally, while the prospect of an IPO has generated excitement, Ripple has stated that going public is not an immediate priority for the company.
Ripple CEO Brad Garlinghouse revealed in January that the company will not go public anytime soon due to regulatory uncertainty in the U.S. Meanwhile, the SEC’s appeal has bolstered the uncertainty.
Although Armstrong and many in the community are bullish on XRP, it might have a long road ahead depending on the SEC’s next moves.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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