Amid multiple speculations about the effects of Ripple potentially launching an initial public offering (IPO), popular cryptocurrency author Panos Mekras has come out to allay concerns about this development, which has had a negative effect on the XRP token.
Ripple IPO will generate greater exposure for XRP, says Mekras
On Friday, November 3, cryptocurrency trader and analyst Mason Versluis shared a screenshot on X in which a cryptocurrency enthusiast argued that a Ripple IPO would result in the “death of XRP.”
Although the enthusiast admitted that XRP may initially see a price surge following confirmed news of such a development, he also suspects that Ripple’s “manipulation” of the altcoin will increase.
Will the Ripple Stock IPO be the DEATH of $XRP?
Very interesting discussion that was had there…
I think this should only increase interest in XRP and help it. But I can also see the other side… We’ll see… pic.twitter.com/mTJYdRNh8c
— MASON VERSLUIS (@MasonVersluis) November 3, 2023
In contrast, Versluis stated that a Ripple IPO should only increase interest in XRP. However, he does admit the possibility of the “other side.”
Reacting to Versluis’ post, Panos Mekras eliminated the possibility of a Ripple IPO causing any negative effect on XRP. He stated that inviting public investors by Ripple would result in greater exposure for the company and the XRP token.
Furthermore, Mekras also hinted that XRP functions as a “universal digital asset” with various use cases that possess “unlimited potential”; Therefore, its trajectory cannot be linked solely to Ripple, which is a single company.
For now, these opinions can be considered just speculation, as Ripple has not even officially confirmed its intention to launch an IPO.
There is no other side. Ripple’s IPO means greater exposure and awareness for the company, its products (some of which use XRP), and XRP itself.
And remember: Ripple is a company, while XRP is a universal digital asset with multiple use cases and unlimited potential.
— Panos 🔼{X} (@panosmek) November 3, 2023
News about the payments company’s “alleged” preparation to go public reached a new level on Friday after crypto analyst Lewis Jackson posted a video on YouTube highlighting multiple signs of an incoming IPO.
In this YouTube post, Jackson discussed Ripple’s notable rise in mergers and acquisitions (M&A), which is a common activity among companies anticipating an IPO.
He also noted Ripple’s current hiring activities in which the company is looking for a head of international tax and a senior manager of shareholder communications, among others, all of which are roles that are indicative of an impending IPO.
XRP soars 12% in a week
In other news, XRP has produced notable price performance in the past week, gaining 12.47% in seven days. This price surge allows the fifth-largest cryptocurrency to maintain its market recovery in Q4 2023 after the altcoin experienced a 40% price drop in Q3 as enthusiasm around the partial victory of Ripple on the SEC.
At the time of writing, XRP is trading at $0.614 with a gain of 1.49% in 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
