In May 2021, Tesla CEO Elon Musk hosted Saturday Night Live, drawing attention from crypto enthusiasts, particularly those holding meme token Dogecoin (DOGE). The event sparked a significant price surge for DOGE, which rose by 5,890% over four to five months.
Now, XRP’s price has jumped over 400% since Election Day. Could the CEO of Ripple Labs, Brad Garlinghouse, be poised for a major television appearance that could drive another price rally? This article explores the possibility and its implications for investors.
A significant event in XRP’s history is approaching: an interview with CBS’ “60 Minutes.” The interview was initially scheduled to air on December 1 but never appeared. Since then, XRP’s price has climbed by nearly 39% between November 27 and December 1. If the interview airs soon, it could drive further gains for the token.
Like Dogecoin, XRP’s popularity is driven by big publicity. However, while Dogecoin often rises when Elon Musk tweets about it, XRP may be more legitimate due to its potential use cases in cross-border payments and limited supply.
In contrast to Dogecoin, XRP has significantly underperformed over the last five years. The SEC lawsuit has been an overhang, but XRP has many advantages, including a better hedge against inflation and the possibility of spot exchange-traded funds. Despite its volatility, XRP could have a long runway if the rally continues.
Investors should approach trading with caution, as predicting market sentiment is difficult due to cryptocurrencies’ lack of intrinsic value. Trading with only affordable losses in mind can help mitigate potential risks.
Source: https://www.fool.com/investing/2024/12/06/is-xrp-having-a-dogecoin-like-moment