The latest episode of Crypto Crossfire on Ben Armstrong’s YouTube channel centered its discussion on major factors that could drive XRP to $25.
During the discussions, the panelists highlighted two pending events that could be pivotal for XRP’s price rally in the
Panel Argues Over an ETF and Ripple’s IPO for A Massive XRP Rally
The Crypto Crossfire comprised popular crypto influencer Ben Armstrong, AJ, and the panel moderator. Focusing on pending events that could catalyze XRP’s potential surge, the panelists mentioned an XRP ETF and Ripple’s initial public offering (IPO).
They noted that XRP could increase substantially to hit $25 if these events unfold.
XRP MOON SCENARIO (Ripple’s Best Crypto Route to $25!) https://t.co/uvTA9Ebbi7
— Ben Armstrong (@BenArmstrongsX) November 15, 2023
Initiating the discussion, panelist AJ argued that either of both factors (Ripple IPO or an XRP ETF) would substantially impact XRP’s price growth. AJ pitched his tent on the ETF, arguing it reflected more potential to favor the token’s value.
Further buttressing his point, AJ outlined some statistics on ETF and presented a comparison using the Coinbase IPO. According to AJ, Coinbase IPO’s performance didn’t perform well.
He noted the discrepancy between the company’s pre-IPO valuation and its valuation on the IPO launch day.
AJ stated that though Coinbase recorded an initial increase in its valuation, it lost a remarkable percentage afterward and is now hovering around $26 billion. Comparing Coinbase’’s IPO to Ripple’s potential IPO, AJ highlighted that Ripple’s valuation is indirectly proportional to XRP’s price.
He argued that trading Ripple has no direct correlation to the value of XRP. Conversely, AJ highlighted the direct influence of an ETF on the price of XRP, drawing instances from historical trends of Bitcoin Futures ETF.
According to AJ, ETF speculation on BTC triggered its highs in October 2021 and influenced the subsequent higher spike in November 2021. Based on past price action, AJ believes ETFs could drive higher price rallies than an IPO.
Ben Armstrong Highlights an IPO as the Best Drive for XRP’s Rally
On the other hand, Ben Armstrong shared a different perspective from AJ’s ETF analysis. He shed light on the lack of relationship between XRP’s price and Ripple’s IPO. According to Armstrong, certain activities within the crypto space are entirely different from the traditional stock market.
For instance, the crypto industry has yet to establish a clear precedent regarding the impact of a firm’s IPO and its associated crypto token. Further, the panelist mentioned that the crypto market is yet to observe the implications of an IPO event, especially for a prominent token such as XRP.
Contrary to AJ’s assertions, Armstrong asserted that Coinbase’s IPO was remarkably successful. He noted that the shareholders of a company remain its primary beneficiaries in an IPO.
This is because the shareholders could grab their gains as the firm records a temporary decline in its stock prices.
Meanwhile, as of 05:40 AM EST today, November 16, XRP trades at $0.6456 with a 1.86% increase over the past 24 hours. Given the current price, XRP will have to surge by 3,768% to attain the $25 price.