thecryptobasic.com
A market commentator believes the United States is on the verge of welcoming clear crypto regulations that could help XRP on a path to a 1,000x spike.
This assertion was made by Mickle, a notable XRP community figure, during one of his recent presentations. The disclosure came on the back of the current dynamics around the U.S. crypto regulatory climate, as the crypto industry takes center stage amid the forthcoming elections.
SEC Softening Its Regulatory Stance
With the large community that the crypto industry commands, presidential candidates have observed that the support of the industry could be pivotal in the coming elections. Consequently, significant attention has shifted to the crypto community, with the U.S. SEC suddenly softening its regulatory stance.
This occurred in the recent approval of spot Ethereum ETFs a few months after their Bitcoin counterparts began trading. Last month, the SEC also dropped its investigation into Paxos for the issuance of BUSD. The securities regulator confirmed that it would not be pursuing any legal actions for securities violations.
Most recently, the agency revealed that it is no longer looking to classify certain cryptocurrencies, including Solana (SOL) and Cardano (ADA), as securities in the lawsuits against Binance and Coinbase. Some argue that these efforts are attempts to woo the crypto community, whose favor GOP candidate Donald Trump has won.
Amid these developments, Mickle teased an imminent “massive shift” in the political scene, which would be favorable to crypto regulations. Citing this imminent development, the community figure asserted that there could be a massive breakout for the major cryptocurrencies.
Potential XRP Rally
Mickle pointed out that the crypto industry has undergone a period of aggressive regulatory crackdown. Interestingly, the industry scaled through this phase, with a few legal victories helping to embolden the markets.
The market commentator believes the expected shift in regulatory stance would further bolster chances of explosive rallies, with XRP poised to benefit significantly. He presented an XRP monthly chart showcasing the Bollinger Bands.
Notably, data confirms that the Bollinger Bands have become extremely tight, reminiscent of periods before an explosive surge. This pattern occurred in 2017 before XRP spiked to $3.31 and in 2021 before the rally to $1.96. With the pattern repeating in this cycle, experts believe another upsurge could occur.
Amid varying price predictions, Mickle calls for an ambitious 1,000x increase in XRP’s price. Such a massive increase, if it occurs, could lead to a $582 price. Most market participants see such a target as wishful thinking due to the extent of capital required to sustain it.
XRP currently trades for $0.58. Notably, a $582 price would result in a $32.58 trillion market cap for XRP, much larger than Gold’s valuation. Such a price is inconceivable amid current market conditions, prompting pessimism among investors.