XRP reaches yet another milestone with the recent approval of derivatives contracts designed specifically for institutional investors on the San Francisco-based cryptocurrency exchange Coin base.
XRP Milestone Could Spark a Bullish Run
Due to XRP’s recent milestone, Wall Street expert Linda Jones believes that the token is very bullish due to increased interest from institutional investors in the XRP market.
Linda Jones took over her official X account (formerly Twitter). emphatically her view on the future of XRP. She noted that XRP is likely to experience a bullish trend as the adoption of derivatives contracts allows institutional investors to trade the token with significant capital.
Linda further emphasized that adoption by institutional investors is more likely to drive a bullish trend for XRP than just retail investors. According to the expert, these are mainly Wall Street companies hedge fundsare attracted to derivatives trading because it gives them the opportunity to profit from price changes in digital assets to maximize profits.
Coinbase approves perpetual futures contracts for trading XRP means:
1) XRP is very bullish. If the price of XRP did not fluctuate or change much, no one would be interested in trading it. Futures contracts provide maximum leverage and can lead to outsized profits (or…— Linda P. Jones (@LindaPJones) October 18, 2023
In her post, Linda expects that leading investment firms could investigate jurisdictions familiar with hedge funds and offshore funds, such as the Cayman Islands or Bermuda.
The introduction of institutional investors into the XRP market covers a larger nexus for market stability and adoption of digital assets. This marks a big step for the digital asset.
It signals growing interest and acceptance of XRP among institutional investors, and an increase in investments in XRP could boost the overall market dynamics of the digital asset, as institutional investors are attracted to volatile assets such as XRP.
The increased interest of institutional investors in the token may also lead to an increase in demand for the token among different types of investors, including retail investors and corporations.
Linda Jones on Ripple’s IPO
Linda Jones did that previously commented about XRP and its potential value if Ripple were to undergo an initial public offering (IPO) and become a publicly traded company.
Jones compared Ripple’s IPO to the valuation at which Coinbase went public and presented a possible $107 billion valuation for the company. With such a valuation, the crypto company’s share price would be $600. The Wall Street veteran also believes that Ripple should be considered a high-quality company like Nvidia or Apple because it has everything going for it.
If Ripple were to be valued as highly as Jones stated, there would be a clear impact on the XRP price. Wells Fargo executive Shannon Thorp believes so that as Ripple continues to conquer the cross-border payments industry, its price could rise to $500.
Bulls hold support at $0.51 | Source: XRPUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
