- Coinbase withdrew support for the CLARITY Act ahead of the markup postponement.
- The CLARITY Act will boost institutional adoption of cryptocurrency.
- XRP’s price will surge significantly after the passage of the CLARITY Act.
A cryptocurrency analyst discussing the latest postponement of the CLARITY Act passing has highlighted the potential effect that the bill could have on XRP’s price.
In his latest podcast, the analyst tagged the delay to Coinbase’s withdrawal of support for the bill, citing how inconsequential that could be in the broader scheme of things, with the confidence that the bill will eventually be passed at a later date.
Broader Crypto Adoption Scheme
Although the analyst narrowed his projection to the CLARITY Act’s potential effect on XRP, he noted that the bill is part of a broader scheme that is pushing the crypto industry into widespread adoption among institutions in the U.S. Meanwhile, he highlighted XRP’s current status, describing it as a highly investable entity that could price out many potential investors after gaining widespread institutional adoption.
Despite his opinion about XRP’s affordability, the analyst cited potential manipulation in the cryptocurrency’s price movement. According to him, XRP’s trend is tangential compared to other crypto assets. Nonetheless, he believes there is a limit to which the suspected manipulation can go, particularly with a potential mass adoption in view.
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XRP’s Path After Passing The CLARITY Act
Therefore, the analyst believes that an upcoming influx of users, which will follow XRP’s encroachment into various sectors of the U.S. technological ecosystem, no individual or group would be able to unilaterally determine where the price goes. He cited examples with the cryptocurrency’s response to the ending of the Ripple-SEC case, alongside Donald Trump’s emergence as the U.S. President for the second term. XRP’s price surged from around $0.3 to $3 following these events.
According to data from TradingView, XRP traded for $2.06 at the time of writing, and has maintained a sideways trend for the past few months since declining from last year’s high. The crypto analyst believes the upcoming regulatory clarity will unlock the necessary demand that will boost XRP’s price to the next level. In his opinion, passing the CLARITY Act will unlock a new class of investors that will create the necessary demand for XRP’s next significant move.
Related Articles: XRP Price Prediction: Luxembourg License And $10.6M ETF Inflows Meet Falling Open Interest
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Source: https://coinedition.com/crypto-analyst-explains-the-potential-effect-of-the-clarity-act-on-xrps-price/
