Cryptocurrency companies like Ripple have been hula-hooping through regulations for the longest time. The San Francisco-headquartered company which is the single largest owner of the XRP cryptocurrency has made serious efforts to push for a comprehensive regulatory framework for digital assets. According to the firm, regulations will increase the market for crypto and bring in new customers.
A market pundit has noted that XRP, which has been stuck in the doldrums, stands to benefit greatly from regulation.
How Regulatory Compliance Will Help XRP Obliterate Other Altcoins
When it comes to calling for a shake-up of crypto regulations, Ripple has been on the forefront. An analyst going by the moniker CryptoWhale pointed out in a series of tweets that XRP is, in fact, the only project in the cryptocurrency space pushing hard for regulations.
CryptoWhale further noted that once crypto-friendly regulations are introduced, XRP will “completely annihilate almost every other altcoin” in the market. As a result, the demand for the fourth-largest cryptocurrency will skyrocket.
He added:
“Many criticize XRP for being “too centralized”, although this transparency is what governments like. While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.”
CryptoWhale, who has been involved with the XRP cryptocurrency since 2013, is planning to increase his holdings after the crypto market correction is over. He believes there is a good reason why XRP has managed to stay in the top 3-5 positions for this long.
However, one Twitter user posited that XRP is not the only project stepping up its game in the push for crypto regulations and guidance, citing XinFin (XDC) and Quant (QNT). According to CryptoWhale, however, these are just ERC-20 tokens that don’t have much to offer besides a “cool website and fake promises”.
Those are just two ERC-20 ICO Tokens created during the 2018 hype phase. They offer nothing other than a cool website, and false promises.
I avoid all of those new projects that were created around then. Think of it as the Dot-Com Bubble. 99% of those companies failed.
— CryptoWhale (@CryptoWhale) September 8, 2020
Meanwhile, concerns on whether XRP is an unregistered security linger. Ripple is being sued by multiple plaintiffs who claim that it sold XRP as an unregistered security and that the firm manipulated the prices of XRP in order to maximize its profits.
Whether XRP annihilates other altcoins when the long-awaited crypto regulations are finally here remains to be seen.
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