Amid multiple speculations about the fallout from Ripple potentially launching an IPO, popular crypto author Panos Mekras has come out to address concerns about this development negatively impacting the XRP token.
Ripple IPO will lead to more exposure for XRP, says Mekras
Crypto analyst and trader Mason Versluis will be featured on Friday, November 3 shared a screenshot on
While the enthusiast admitted that XRP might initially experience a price increase following the confirmed news of such a development, he also suspects that Ripple’s “manipulation” of the altcoin will increase.
Will Ripple Stock’s IPO Be the DEATH of? $XRP?
Very interesting discussion going on there…
I believe it should only increase and help interest in XRP. But I can also see the other side… We’ll see… pic.twitter.com/mTJYdRNh8c
— MASON VERSLUIS (@MasonVersluis) November 3, 2023
On the other hand, Versluis stated that a Ripple IPO should only increase interest in XRP. However, he does admit the possibility of the ‘other side’.
In response to Versluis’s post, Panos Mekras, stamped out the potential of a Ripple IPO that could cause a negative impact on XRP. He stated that Ripple inviting public investors would result in greater exposure for the company and the XRP token.
Furthermore, Mekras also suggested that XRP functions as a “universal digital asset” with various use cases possessing “unlimited potential”; so the trajectory cannot be linked exclusively to Ripple, which is just one company.
For now, these shots can be considered just speculations as Ripple hasn’t even officially confirmed its intention to launch an IPO.
There is no other side. Ripple going public means greater exposure and exposure for the company, their products (some of which use XRP), and XRP itself.
And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases and unlimited possibilities. https://t.co/giVbWvcmlb
— Panos 🔼{X} (@panosmek) November 3, 2023
News surrounding the payments company’s “alleged” preparation to go public rose to a new high on Friday after crypto analyst Lewis Jackson posted a video on YouTube highlighting multiple signs of an impending IPO.
In this YouTube post, Jackson spoke on Ripple’s notable increase in mergers and acquisitions (M&A), which is a common activity among companies anticipating an IPO.
He also pointed to Ripple’s current hiring efforts, which include the company looking for a director of international tax and a senior manager of shareholder communications, all positions indicative of an upcoming IPO.
XRP rises by 12% in a week
In other news, XRP has posted a remarkable price performance over the past week, gaining 12.47% in seven days. This price increase will allow the fifth-largest cryptocurrency to continue its market recovery into the fourth quarter of 2023, after the altcoin experienced a 40% price drop in the third quarter as the hype surrounding Ripple’s partial victory over the SEC subsided.
At the time of writing, XRP transactions at $0.614 with a gain of 1.49% on the last day. Meanwhile, the token’s daily trading volume is currently down 34.98% and is valued at $1.1 billion.
XRP trading at $0.6145 on the daily chart | Sorce: XRPUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview