A prominent figure in the cryptocurrency realm, recognized for his persistent scepticism towards the native token of the XRP Ledger, $XRP, has remarkably altered his stance on the digital currency. Operating incognito under the moniker Virtual Bacon, this analyst was once vociferously critical of XRP’s lacklustre performance and reservations over its centralized nature.
However, the tides of opinion have recently shifted substantially, with the enigmatic Virtual Bacon now adopting a surprisingly optimistic outlook on XRP’s trajectory. The analyst asserts that XRP could potentially assert dominance in the impending bull market, a complete reversal from his previous stance. This notable reversal signifies the broader transformation currently unfolding within the cryptocurrency landscape.
In a public proclamation shared across social media channels, the once-resolute critic confessed to harbouring a “hatred” for XRP over the years due to its centralization concerns and sluggish price trajectory. But now, a newfound conviction propels Virtual Bacon to envision XRP as an imminent frontrunner in the forthcoming bullish wave. Notably, this reshaped perspective stems from the perceived waning relevance of other large-cap cryptocurrencies, many of which have either succumbed to irrelevance or already undergone substantial price appreciation.
The sentiment shift isn’t confined to Virtual Bacon’s musings alone. Cryptocurrency investment products tailored to XRP have witnessed a staggering 127% growth in assets under management within this year’s timeframe. Impressively, these products reported an uninterrupted streak of sixteen weeks with inflows. A notable instance occurred last week, where a substantial investment of $500,000 bolstered their capitalization.
A crucial legal development earlier this year catalyses the remarkable influx of investments. A pivotal ruling handed down by Judge Analisa Torres in a lawsuit instigated by the U.S. Securities and Exchange Commission (SEC) has significantly impacted XRP’s outlook. The ruling differentiates between institutional sales and transactions on exchanges, effectively delineating the token’s classification as a security. This consequential determination prompted a series of major cryptocurrency exchanges, including Coinbase, Kraken, and Gemini, to reintroduce XRP, thereby augmenting its liquidity.
Nevertheless, the path forward remains intricate, marked by regulatory tussles. Recent revelations indicate that the SEC intends to lodge an “interlocutory appeal” against Judge Analisa Torres’ verdict on Ripple’s programmatic XRP sales.
Blockchain data casts a spotlight on the XRP Ledger, which has logged over 1.2 million daily transactions since the advent of August. This statistic notably outpaces the daily transaction volume of Ethereum ($ETH), the second-most prominent network in the cryptocurrency domain, which stands at 1.09 million transactions daily.
As the winds of change continue to sweep through the digital currency space, Virtual Bacon’s shift in perspective symbolises a broader recalibration underway within the cryptocurrency community, reshaping narratives and expectations.