YEREVAN (CoinChapter.com) — The XRP token traded at $0.68 on Nov. 7, after a 5% intraday correction, following a massive 50% rally since Oct. 20. However, the correction didn’t despair the XRP bulls as they expect another leg up thanks to the intrigue around the upcoming Ripple Swell event.
Ripple Swell 2023 might reveal an IPO underway.
The mentioned rally in the previous two weeks was mostly fuelled by high expectations of Ripple’s possible victory against the US Securities and Exchange Commission (SEC). Meanwhile, the annual Ripple hub named “Ripple Swell” will launch on Nov 8-9 in Dubai, and bulls are waiting for new revelations.
An independent analyst, WrathofKahneman, anticipates RIpple’s Swell event may see the announcement of its initial public offering (IPO), Central Bank Digital Currency (CBDC), or a Virtual Asset Service Providers license (VARA).
The possible IPO stands out from the list, as there has been much speculation about Ripple possibly going public despite the lack of official confirmation.
Ripple offers a myriad of financial services, which only partially rely on XRP. Thus, the coin’s online following was divided on the issue – will Ripple going public raise XRP demand or diminish it?
Ripple stock or XRP?
One of the opposing camps based the opinion on a lack of natural demand for XRP once Ripple issues stock shares.
The IPO for Ripple will be the death of XRP. It might pump off the news because people don’t understand what will happen. But if you think Ripple dumps and manipulates XRP now, just wait…
said a user.
Others see the alleged IPO as a possibility for Ripple to spark more interest in the XRP coin use cases.
There is no other side. Ripple going public means bigger exposure & awareness 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 & unlimited potential.
tweeted the co-founder of Anodos Finance.
SEC vs Ripple proves more influential for XRP price
Meanwhile, both sides don’t acknowledge the fact that NO IPO IS POSSIBLE WITHOUT SEC APPROVAL. Given the ongoing lawsuit and the agency’s insistence on Ripple’s fraudulent intentions, the chances of an IPO as of November 2023 are slim, at least until the case is resolved.
Will XRP investors see a massive rally on Nov. 8? It is a possibility, especially considering the hype level around the Ripple Swell event.
However, an IPO is not a likely trigger. The developments in the SEC vs. Ripple case proved more influential. For example, the 75% one-day rally on Jul. 13 occurred after the Court ruled in favor of Ripple and declared most (BUT NOT ALL) XRP sales clear of US securities law violations.
Moreover, the Oct 20 rally was fuelled by the SEC dropping charges against chief executives Brad Garlinghouse and Chris Larsen.
