Raoul Pal, a popular macro guru and former Goldman Sachs executive, has recently showcased his bullishness on the digital token XRP, stating that he hopes the ongoing XRP lawsuit ends in favor of Ripple, the US-based cross-border payments firm.
In a recent Real Vision Finance video, Raoul Pal explained his stance on XRP, the digital token majorly distributed by Ripple, which has been outperforming other crypto assets since the beginning of the month.
Speaking about XRP, Pal said once the lawsuit ends in favor of the cross-border payments company, the price of XRP is likely to spike.
The Real Vision CEO also said it’s clear that XRP is doing its bidding by working as a payment transmission. He said the only reason why Americans are not buying the cryptocurrency is that it was delisted on exchanges after the lawsuit was filed.
Raoul Pal noted:
“I’m long a bit. I think it’s like a special situation, and I think the court case gets resolved positively, and it goes up… It’s actually a very used protocol. By using Metcalfe’s Law, it’s pretty decent. The only thing – Americans can’t invest in it because it got taken off the exchanges.
“But generally speaking, it does what it’s supposed to be doing. It’s working as a payment transmission. I have no issue with it. There’s plenty of activity on-chain, and Metcalfe’s Law prices it appropriately to where it is.”
It can be recalled that the SEC sued Ripple in December 2020 for allegedly selling XRP as an unregistered security. However, recent verdicts indicate that the case is going in favor of Ripple. And many hopes to see the firm silencing the SEC’s ego to the benefit of the crypto industry.
At the time of filing this report, XRP is trading at $0.5178, with a relatively 6% price upsurge in the last 24 hours, according to CoinMarketCap.