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Wall Street analyst Linda Jones has emphasized that the present low valuation of XRP might be its final sighting at such levels, asserting that once it gains the expected bullish traction, there will be no turning back.
Jones voiced this sentiment in a series of posts on X yesterday, discussing why XRP remains a cheap buy in a bull market. At the time of reporting, XRP trades for $0.5219, down by 12% from its value a month ago.
Over the past nine months, XRP has hovered around the $0.4 and $0.7 price levels, with the $1 level last seen three years ago. Emphatically, it has consistently stayed within $0.5, the same range it traded at in mid-2018.
Many in the crypto community have expressed concerns about this underwhelming performance. Despite this, leading industry commentators continue to assure investors that a bullish phase for XRP is on the horizon to alleviate their worries.
Wall Street Analyst Explaining Why XRP Bulls Are Coming
Linda Jones recently provided grounds for optimism among XRP enthusiasts about an upcoming rally. She based her view largely on the speculative scenario of XRP supposedly becoming a world reserve currency.
This speculation, which continues to gain traction, traces back to Ripple itself. In a blog post seven years ago, Ripple noted it remains “more committed than ever to the simple goal of making XRP the world’s reserve digital currency.”
Now, Jones pointed out the shifting trend where nations, particularly those in the BRICS group, are transitioning from relying on the U.S. dollar as a reserve currency to asset-backed reserves like gold.
3/3 So why the low price of XRP? Brad G. said he doesn't control the price, could the IMF or BIS control it? Hmm.
And why are other countries, especially the BRICS nations wanting a gold-backed currency? Because the dollar (see the Yen as a prototype) will eventually lose value,…— Linda P. Jones (@LindaPJones) May 7, 2024
Members of the XRP community believe that XRP is well-suited to serve as an asset-based reserve, drawing on the statement from Ripple and some of its executives.
For instance, Ripple’s CTO David Schwartz, during a Twitter space last year, discussed the desire among nations for a decentralized reserve currency that no single country could dominate. He proposed that cryptocurrencies such as XRP could fulfill this role.
Furthermore, Schwartz acknowledged that if the adoption of digital assets like XRP made some individuals wealthy, that was an acceptable outcome.
HODL XRP: There Will Be No Looking Back
Reflecting on these comments, the Wall Street analyst remarked that with XRP’s price at its current low, it might be the final opportunity to see it at such levels. Jones noted that the protracted SEC lawsuit is nearing its end.
Moreover, she anticipates that stablecoin legislation will be enacted this year, followed by broader crypto legislation in 2025. “There will be no looking back [for XRP],” Jone remarked, emphasizing “HODL.”
Opposing View
While some community members thumb up this view, others share opposing perspectives. According to XRP enthusiast Rob Licker, the reflected narratives “are so old, antiquated hopium.”
He contended that the likelihood of XRP becoming a global reserve currency within our lifetimes is practically nonexistent. Licker believes such views only serve to delude people into thinking they will become wealthy by merely holding a small amount of XRP, waiting for Ripple to “flip a switch.”
Instead, he pointed out that the actual value of XRP will be influenced by the development and impact of projects like Anodos Finance, HelvetX Labs, Baysed Labs, xSPECTAR, and Flare Networks, which are actively building on the XRP blockchain.