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What’s in Store for XRP in April?
Here’s why XRP (CRYPTO:XRP) is a top cryptocurrency that long-term investors may want to consider as we head into what could be a big April.
Ripple’s native currency XRP (CRYPTO:XRP) is one of the few large-cap cryptocurrencies that has been on a tear of late. March has been a relatively strong month for this cryptocurrency, with a number of notable surges.
The question many investors have is whether this strong momentum can continue. After all, it’s a volatile market out there.
Let’s dive into what may be in store for XRP in April.
Ripple’s trials and tribulations
Ripple has been in a soup of legal issues with the Securities and Exchange Commission as of December 2020. A high-profile lawsuit was filed by the SEC against Ripple centering on the issue of whether XRP should be considered a security. Accordingly, the SEC has alleged that Ripple previously conducted an unregistered security offering of $1.3 billion.
There were several other cryptocurrency-based organizations that accepted the charges and paid penalties. However, Ripple has chosen to fight the SEC and argue its stance that digital tokens are unique from securities. By having clearer definitions around digital tokens, Ripple executives hope to ensure that XRP and other tokens aren’t subject to the same regulations as stocks.
Now, regulation is coming to the crypto sector. There are a number of countries and areas (the U.S. and E.U. in particular) that intend to establish rules or have established rules already. However, this legal headwind is one that many expect could come to a head as soon as April. Should some resolution take place, investors stand to benefit from the removal of uncertainty from this token.
Purchasing back shares and other positives
A few months ago, Ripple announced a Series C share buyback worth $200 million. The outcome of this decision has stunned many, as it took the valuation of this blockchain payments firm to a record $15 billion.
Along with this buy-back announcement, Ripple’s CEO reiterated an optimistic view of Ripple X and RippleNet. Those bullish on the potential for a SWIFT alternative via the blockchain already like XRP. However, in the face of the recent global geopolitical situation, Ripple and XRP are getting significantly more interest of late — and rightfully so.
Ripple and its XRP token are among the oldest U.S.-based crypto networks out there. This “OG” of the crypto space is one that many investors continue to like. As mentioned, there’s some real utility with the Ripple network, providing real value for the XRP token.
Should the legal issues that have provided headwinds for XRP and Ripple be settled in short order, it’s possible April could be a very good month for investors. That said, the inverse is also true. Should bearish sentiment take hold, it’s possible we could see a continuation of this bear market take hold. It’s anyone’s guess at this point.